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How good is my company-owned life insurance policy?
What most people don't realize, or come to forget is that a company-owned life insurance policy terminates when you leave the company, which is fairly common in these times.
Most people that have a company-owned life insurance policy feel they can actually provide for loved ones when they die, especially if they also have a personally-owned policy, too. and as an added plus, they can choose to carry a smaller personal policy since they have the company-owned policy.
Be careful. If you get laid off, or if you leave for a better job, or if you retire, your company policy dies before you do.
Worst case: you get a terminal illness and your company terminates you with benefits. But your policy they own terminates also. So you go to try to buy more life insurance to compensate. Guess what, that is the worst time to try to buy life insurance, you will pay top dollar.
Also consider the death benefit. Most company-owned policies are one to two times annual salary. Today's benchmark for private insurance for actually providing for a family is more like 10 times with the costs of survivorship.
Just call an advisor at Thom Polvogt Insurance Group at 281-395-9400.
