When you work for a business that values its workers, you often get access to employee benefits, including retirement account matching and several insurance types. Many large companies offer group life insurance, an inexpensive type of life insurance that typically provides high coverage levels at a low monthly cost. What’s the point of getting your own life insurance policy outside of work with a deal so good? There are a few reasons.
Most people don’t stay in the same job forever. So, if you ever decide to quit your job for something else, you could be left without life insurance unless that job offers similar life insurance benefits.
Unexpected layoffs, firings, and other job losses happen all the time. We saw this at the start of the COVID-19 pandemic back in March of 2020; millions of Americans lost their jobs. If many of those employees relied on their employer for life insurance, in many cases, they lost coverage when they lost their jobs. However, with your own life insurance policy that’s not connected to your job, you can keep your life insurance no matter where your career takes you.
Group life insurance is low cost and generally an excellent benefit, but you only have the options your employer negotiated. That’s generally a benefit worth a certain amount at a certain cost. You can’t make any changes or personalize beyond that.
When you sign up for your own term life, you can pick the policy value, shop around for costs, and keep your policy for the long term. That combination of benefits makes your own life insurance policy a must-have for many forward-thinking households.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.
