Life Insurance Misconceptions
Familiarize yourself with the right facts on life insurance in Boston and Massachusetts. Some common misconceptions are on the idea that
group coverage at work is enough to be covered. Below you’ll read more information on how you can be covered and your available options.
Every employer is different, but some offer benefits to their employees including Group Life Insurance. These group policies are usually either paid by the employer, split with the employee, or paid entirely by the employee. If you are fortunate enough to be offered group life insurance through your employer, you should probably take advantage of it, but you shouldn’t automatically assume that you have all the coverage you need.
Most companies only offer 1X-2X your salary in life insurance. If you are married, a homeowner, have children, or a combination of the three, you may need up to 7X-10X your income in life insurance to cover mortgages, educations, debts, income for your surviving spouse, and more. Also, group life insurance, more often than not, is not portable. This means that if you quit or get fired, you lose the coverage. This is a disadvantage because you are then forced to get replacement coverage, at an older age and with a possibly worse heath condition than in your younger days.
The most important thing is to sit down with a Life Insurance Agent to determine the right amount of insurance for your needs and objectives. If the total amount needed is more than your group insurance covers, then you may want to get a quote on an individual life insurance policy.
