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Many employers offer group life insurance, which comes with great benefits. However, these policies don’t always adequately meet the needs of every employee. This is why it’s important to consider whether or not you should supplement with a voluntary benefits plan to give yourself extra insurance coverage.

According to the professionals at Michael E Glick Insurance in Boerne, TX, purchasing an additional policy will help to fill the gaps that an employer-sponsored program fails to cover. Below, they explain how to determine whether or not the life insurance you receive through work is sufficient. Why should you consider investing in a voluntary benefits policy?

Job Stability

insuranceWhen you’re trying to decide if you should buy more insurance in addition to your group policy, a major consideration should be the stability of your job. If you were to be terminated or laid off, you may lose your coverage completely. There’s also the chance that if you decide to leave and take a job somewhere else the policy wouldn’t be transferable. In either case, you could suddenly be left without any coverage if you don’t have a voluntary benefits policy to rely on.

Not Enough Coverage

Generally, the biggest problem with group life insurance policies is that they’re designed to be one-size-fits-all, not taking into account the different needs of each employee. To identify if this is an issue for you, you must calculate how much your family members depend on you financially and what they would require maintaining their current lifestyle if you pass away.

You should also estimate the funds it would take to cover funeral expenses, debt repayment, and your children’s education. If your employer’s coverage doesn’t offer enough for all of this, a voluntary benefits plan may be the ideal solution.

While you should take full advantage of your employer’s group life insurance program, investing in a private voluntary benefits plan as a supplement will give you peace of mind knowing you and your loved ones are fully protected for any situation that arises. Contact Michael E Glick Insurance by calling (830) 816-9488, or visit the website to request a quote. 

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