9/26: Insurance for Every Age & Stage

But this is the time of the year when a lot of companies take a look at their employee benefits for their employees.

So that kind of goes hand in hand with that.

And a lot of people are making their decisions on what to do and what to carry forward when they get those packets.

So today we thought we'd bring attention to the life insurance part or to the insurance part in general because a lot of people, they may have a packet that they get through their employer.

And they might just say, okay, if you don't do anything, it'll be the same for next year.

and they don't take a lot of time to review it, look at do they have the right type, do they have the right amount, are they paying the right price for it? They may not know.

They may think because it's through their employer, it's a good deal.

It's not always the best deal.

Would you say, Blake?

Yeah, I mean, I think it's you kind of look at how a lot of those are built out and it's they're built out to be designed to the average person.

So, I mean, if you kind of simple way we've always talked about, if you kind of look around the room and you're very healthy and good shape, there may be more cost effective alternatives out there.

And, you know, the other way to think about most insurance through your employer is the price is going to reset annually and it's going to change.

And, you know, there may be alternatives.

As an example, the life insurance markets where buying independently can lock in a fixed rate for a longer duration of time.

So I think, you know, with anything, it's good to look beyond just what is the monthly or the annual pay for one year.

and try to look at what is the long-term cost of ownership and long-term cost of protection.

Yeah,

and one thing in regards to group being, we're talking a little bit about group insurance at the beginning here.

If you're offered group life insurance, for example, and you have a premium that you can buy, if your health is very good and somebody working at the next desk's health is not very good, you're getting the same price.

Yeah.

So what they're doing is they're averaging out the risk from the insurance company's standpoint, and they may have a bit of a cushion in there to accommodate somebody that's not healthy.

So you may be paying too much, and the person sitting in the next desk over at your work is getting a good deal.

So that's why we do recommend that you sit down and look at this.

We can help you look at this.

The thing is, you're only getting one offering from your employer.