Relying on your workplace Insurance?

Insurance offered by your employer, for instance, group life or health schemes, come with an employee’s contract. Usually, the coverage is available while working in the position, but if you quit, are fired or get laid off, the coverage ends. This becomes a huge risk if for instance, you are earning a living from your job and you get diagnosed with a life threatening disease such as cancer.  

Here’s how it affects you:  

1. Loss of Coverage: Once you are jobless, the group life policy ceases and you are without insurance protection at the time when you may need it most.  

2. Difficulty Getting New Insurance: If you are diagnosed with a critical illness, it becomes difficult, or you may be denied individual life or health insurance or have to pay an arm and a leg for it.  

3. Financial Strain: Without insurance, all costs that are incurred in treating you or paying for bills, go directly to your pocket which is always unfavorable for you.  

To this end, it is wise to have an individual insurance policy so that whenever you change employers or unfortunately get laid off you will have an insurance cover.

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