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Let’s talk about… the shortfalls of group insurance

Do you consider your group insurance coverage from work as the perfect solution for protecting your family at little or no cost to you? If you do, you are not alone. A lot of Canadians feel this way and on the surface it sounds good. But relying solely on the insurance you get from your employer could leave your loved ones in serious financial difficulty if you, as the major income-earner, were to pass away with only that group coverage protection in place.

While plans do vary from company to company, most group insurance policies only provide a death benefit of one or two times your annual salary. Depending on your age and family situation, this could be significantly less than what your family would need to continue living as they do now while also realizing future plans like post-secondary education.

Some things to remember about group or employer insurance…

You can’t take it with you

Not all employees understand that it is the employer, and not the employee, who owns the policy. This can be devastating if you leave your job, for whatever reason, and then find out that you are uninsurable. As well, coverage for your dependents and spouses, through your employer, may be less than the coverage you have, or it may not even exist.

Make it personal

It’s important to understand that when you purchase personal life insurance in the form of term or universal life, the coverage stays with you for the duration of the policy regardless of where you work or live. For this reason, personal, rather than group, life insurance offers your family true financial security.

Is it really enough?

For most people, there will be a gap between what insurance from work offers and what you really need to protect your family. Do you know what you need to ensure your family is properly protected? Here is a fun and easy way to find out.

Introducing My Insurance View from ivari

My Insurance View is an insurance calculator that has been designed to discover what type of insurance you need, how much insurance you need and for how long you need it.

My Insurance View takes into consideration some of your changing needs as you go through life and prepare for your retirement. It’s fun to use and easy-to-understand, but best of all it will help you understand your family’s protection needs today and into the future.

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