Employees Benefits and Life Insurance
Alongside the health benefits offered by group insurance, group insurance is an option you can get from your company. However, it is essential to determine if this insurance will suffice for your life insurance requirements. Suppose the insurance coverage provided is based solely on your income. In that case, it may not be sufficient to give you complete financial protection for your beneficiaries.
Because the group insurance offered by your employer is entirely absolutely free, it is logical to take advantage of it. It is essential to determine the coverage you require to cover your existing obligations and support your family. Life insurance for groups is typically determined based on the amount you earn each year, typically about 1.5 percent. Review your policy carefully to know precisely the amount of coverage you will receive. If the amount you have isn’t sufficient, you’ll have to buy additional insurance.
Additional insurance can purchase through term life insurance or whole life insurance. Life insurance for the term, although typically less expensive, expires after the expiration of a particular period, and it has zero cash worth. It is a good insurance policy to purchase if you require insurance to pay for a specific loan, for example, a mortgage. Whole life insurance doesn’t have a particular time-frame and, and for as long it is paid in full, it will not expire. The entire life insurance policy also comes with a cash value that could help plan your financial future.
Contact Ottawa Life Insurance
Ask your agent questions about the group life insurance plan and whether it provides enough coverage for your requirements. You can get supplemental insurance to supplement the group policy’s coverage and ensure that your family and loved ones are protected.
Contact Ottawa Life Insurance, one of our registered Ottawa brokers, to determine your needs at (613) 454-1424 or info@ottawa-lifeinsurance.ca.
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