Tips For Selecting Your Benefits This Open Enrollment Season
The post Tips For Selecting Your Benefits This Open Enrollment Season appeared on BitcoinEthereumNews.com. Young family enjoying spending time together. getty Open enrollment often involves a lot of terms outside of the standard health insurance. In this article, I will walk through some common insurance (excluding health insurance) and investment benefits that come up during open enrollment and how to consider each category. Term Life Insurance Term life insurance is designed to pay a tax-free death benefit out to your chosen beneficiary if you pass away while employed at your company. Oftentimes, a benefit up to some multiple of your salary may be available at no or low cost to you. Many people ask about purchasing additional term insurance through their employer. Here are some things to know about this: It’s important to base your insurance coverage on an insurable need. Examples of insurable needs include income replacement, debt repayment, burial expenses, and rebuilding household emergency funds. This is to make sure your loved ones have their needs met if something were to happen to you. The insurance is usually not portable, meaning that if you go to another company, the death benefit amount will not follow you. If the insurance is portable, it is usually offered at a default medical rate that may make it more expensive than if you had gone out on your own and bought private insurance. If you want to ensure that if you pass away, your loved ones are taken care of regardless of where you work at the time, you may want to consider working with an insurance agent to supplement your company term insurance with a personal life insurance policy. Disability Income Insurance Disability income insurance insures your ability to earn an income. If you happen to become disabled, your insurance policy will pay a portion of your earned income to you. Many employers offer coverage…
The post Tips For Selecting Your Benefits This Open Enrollment Season appeared on BitcoinEthereumNews.com.
Young family enjoying spending time together. getty Open enrollment often involves a lot of terms outside of the standard health insurance. In this article, I will walk through some common insurance (excluding health insurance) and investment benefits that come up during open enrollment and how to consider each category. Term Life Insurance Term life insurance is designed to pay a tax-free death benefit out to your chosen beneficiary if you pass away while employed at your company. Oftentimes, a benefit up to some multiple of your salary may be available at no or low cost to you. Many people ask about purchasing additional term insurance through their employer. Here are some things to know about this: It’s important to base your insurance coverage on an insurable need. Examples of insurable needs include income replacement, debt repayment, burial expenses, and rebuilding household emergency funds. This is to make sure your loved ones have their needs met if something were to happen to you. The insurance is usually not portable, meaning that if you go to another company, the death benefit amount will not follow you. If the insurance is portable, it is usually offered at a default medical rate that may make it more expensive than if you had gone out on your own and bought private insurance. If you want to ensure that if you pass away, your loved ones are taken care of regardless of where you work at the time, you may want to consider working with an insurance agent to supplement your company term insurance with a personal life insurance policy. Disability Income Insurance Disability income insurance insures your ability to earn an income. If you happen to become disabled, your insurance policy will pay a portion of your earned income to you. Many employers offer coverage…
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