At Freedom, we understand the significance of employee benefits, particularly when it comes to life insurance. Many companies offer this perk as part of their package, providing employees with a sense of security without the hassle of underwriting.
Here are three crucial considerations regarding your employee life insurance cover:
Understanding Your Coverage
Delve into the specifics of your employer’s life insurance offering. Does it solely encompass life cover, or does it extend to other benefits like trauma or income protection? Knowing your sum insured and how it evolves over your tenure is essential. For instance, if your life cover correlates with your annual income, it’s prudent to ascertain how adjustments in salary impact your coverage. This comprehension serves as a foundation for evaluating your insurance needs and ensuring adequacy.
Assessing Financial Needs
Whether your employee life cover is fixed or income-based, its sufficiency hinges on various factors. Engage in dialogue with an insurance adviser to dissect your financial commitments, existing safety nets, and potential risks. This discussion aids in determining whether your current coverage suffices or necessitates supplementation.
Harmonising Personal and Employee Cover
Should you opt for additional coverage beyond your employer’s scheme, strategic structuring becomes imperative. Seek counsel from your employee insurance scheme adviser to explore tailored solutions aligning with your requirements. Factors such as coverage limits, wait times, and premium structures warrant careful consideration. Additionally, if transitioning roles, examine the feasibility of continuing coverage independently and assuming associated costs.
Navigating the complexities of insurance need not be a solitary endeavour. While employer-provided life insurance serves as a fundamental safety net, its adequacy varies based on individual circumstances. Partnering with Freedom empowers you to unravel intricacies, ensuring alignment between your coverage and needs. Whether leveraging existing resources or seeking external guidance, we facilitate informed decision-making to safeguard your financial future.
At Freedom, we’re committed to empowering individuals in navigating life’s uncertainties. Our network of advisers stands ready to provide tailored guidance, ensuring your insurance portfolio reflects your unique circumstances. Reach out to explore your options and secure peace of mind amidst life’s uncertainties.
For more information about various available options and what’s best for you, give us a call – 0800 667-257, or email us at [email protected]. We would love to hear from you.