Life and Disability Insurance
July 10, 2009 – 10:13 amWelcome back!
Most large corporations dole out free life insurance equal to each employee’s annual pay. Anything more, say benefits counselors, is considered munificent indeed. (at Xerox, for instance, workers are entitled to life insurance payouts of up to six years’ pay, depending on their age and tenure). Typical, too, is free long-term disability coverage, which pays you as much as 60% of your salary should you become incapacitated.
Is it wise to sign up for extra life and disability insurance, known as supplemental coverage, which are often available through your company? Perhaps. If you’ve determined that you do want to beef up your insurance, check the rates and coverage offered by insurers outside your employer, too. Your company’s rates may not be the best. For instance, if you are in good health, are a nonsmoker, and are under the age of 45, you can probably buy term life insurance more cheaply from an agent or a low-load like insurer than through your employer.
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