Dear Terry,
It's the time of year when many employees consider changes to their workplace benefits. Due to popular request, we are re-publishing the following articles for your planning purposes. |
| Are Your Eggs in One Basket?
Group Versus Individual Life Insurance |
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There are several reasons why relying solely on group life insurance is not consistent with safely managing risk. The main reason is that it is tied to your employment. This is a serious limitation when you consider that you are more likely to become seriously ill or disabled than you are to die. So, not only would you be unemployable, but you would also be uninsurable.
If you rely on group life insurance for a portion of your protection, ask your benefits representative if your coverage is convertible to an individual policy upon termination of employment. If so, at what cost? Also, be sure to find out if your premiums will increase while you are part of the group.
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| The Price is Right - Or is it?
Group Versus Individual Health Insurance |
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Over 45 million Americans are without health insurance, but did you realize that over 20 million of them are FULL TIME EMPLOYEES? An increasing number of employers are shifting insurance premiums to their employees, or dropping their health insurance benefits all together. The average annual cost for corporate health insurance is $14,000 per employee.
If you rely on a group insurance plan for your health insurance, you may be exposed to serious financial risk, even if you keep your job. Be sure to find out your plan's lifetime maximum benefits. Experts consider less than $5 million to be risky. Also, be aware of your plan's exclusions, as well as deductibles and co-payments.
Many people are not aware that there are now affordable options available for individual and family health insurance. Here are some good references:
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BudgetLife.com, on the Internet since 1996, provides consumer services for mortgages, insurance, and annuities. As independent agents, we have access to hundreds of lenders and insurance companies. So consumers will always receive the absolute best deal available for their financial needs.
Season's greetings from our family to yours,
All the Burts
BudgetLife Financial Services
(800) 505-9412 | | |
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