Corporate Life Coverage Plans: Is it Important to Take Another Insurance Policy?

Most corporations and employers nowadays offer group insurance plans to ensure that their employees get optimal support while dealing with their health and medical issues. As soon as you join a multinational company or a world service organization, your enrollment in to group life insurance is almost confirmed and you can avail the benefits as per your own comfort. Many a time, your organization may also offer life coverage to you for ensuring that you live a stress-free life. If you think that you must take care of your family or loved ones, even if an accident takes your life away or makes you completely helpless, then take a life protection policy. Read below to know about why you must take a personal life assurance plan:

1. Avoid Loss of Coverage in Case of Job Switches

If you switch your job or its situation changes, then it is confirmed that you’ll lose your life coverage. It doesn’t really matters, whether the change in the job situation is because of change of status from temporary to permanent, employe being laid off, or any other unfortunate reason. Therefore, it is important to have a personal life over that stays with you no matter where you work or reside. 

2. Loss of Coverage After Retirement or Mentioned Age

As per company policy, your life insurance cover may discontinue after attaining a particular age or getting retired from that firm. Many a time, people may lose their insurance coverage when they pass a certain age or retire. Since old age is the prime time when you need your insurance the most, you may not actually have it. 

3. Employer Has a Full Control 

Since your employer is the prime controller of the policy, there are high chances that they may change, reduce, or even terminate the coverage. It is important to consider that they may not take your consent, before making any amendments in the insurance policy, you must have a backup plan to stay protected.

4. You Have Limited Options and Coverage 

Referring to the point above, employer has full control over your policy, hence, the options you have are quite limited. There is no feasibility of getting the coverage tailored as per your specific needs and requirements, thus, leaves you exposed to great risks.

Explore the web and select a personal or term life insurance, based your budget, age, and current financial status to ensure a hassle-free and risk-free tomorrow!