Many people in this economic situation do not realize that if their employers force them to retire then they would be left with no Life insurance. Unfortunately, Life insurance is no portable thing; insurance sponsored by your employer will soon expire after you leave your employer.
To give protection to your family, you need to be proactive just if any unfortunate circumstances happen in your life. Many people do not understand that insurance those sponsored by the employer, do not evaluate your health conditions before issuing a life policy. Risk is spread among all the employees who in most of the cases do not have to use the insurance, so the premium is being paid into the policy of employer which does not exceed the insurance companies pay out in death benefits. That is the reason premium being much lower than if you would have purchased it individually.
While buying insurance on your own, your health will be evaluated. It is said that the best time to buy insurance is when you are healthy; it will help keeping your premiums lower. The less healthy you are there are chances of you pay more premium. Important rule to purchase your life insurance is when you are at your beast health condition. Purchasing life insurance in emergency and you are sick then it is hard to find any affordable coverage. Age plays an important factor on the premium’s affordability. As you grow older the premium will also be high.
These reasons mentioned above tell you the importance of being proactive on buying insurance even if you are part of employer group plan. Insurance plan sponsored by an employer in most of the cases are not guaranteed by life time coverage. So it is better to be proactive and purchase insurance on your own to ensure protection to your family.
