Agent Owner, Gilmore Insurance Services, Marysville, Washington State
What happens to life insurance if you change jobs? If you're talking about group life, the insurance stays behind, you lose it. Your group life plan may have a provision that allows you to break off your portion of the group plan, but you will find it very expensive. It is only a good deal for a person who would be declined or highly rated elsewhere. If you're reasonably healthy it's a bad deal.
If you mean a individual policy that you "own"? Absolutely nothing. It stays the same.
The issue is ownership, which means who controls the policy. If you own it, you decide. If your employer owns it, they decide and they decide what's important to offer. You'd be surprised at the number of dental plans that do and don't include orthodontics depending on how the owner's kids teeth are. Never ever had an employer turn down orthodontics if their kids needed it. ;)
If you have your life insurance through your place of employment - you lose it. This is why I always encourage my clients to purchase their own policy (not in the name of their employment) so that if they change jobs, they will not lose their life insurance. If one of the benefits of your job is a life insurance policy and you DON'T HAVE TO PAY FOR IT, then it is fine to have - but remember, if you lose your job, you also lose this insurance. If you do pay for it, some companies will offer you the chance to keep it, but you must set up a payment plan or remember to pay the bill each month. To avoid the these headaches, it is recommended that you purchase your own policy and talk to an agent to find the best one for you. You can often get more for your money if you purchase your own anyways. Many companies out there with many different types of plans - some better than others - but all can be very confusing to the average consumer, so again, it is best to talk to your Agent about what policy best fits you and your families needs.
Independent Insurance Broker, Quote Me 4Life Insurance, Inland Empire, CA
Having life insurance on the job is better than having nothing, you should have a personal policy as well; why? Your job, if you ever left, fired, laid off, quit, retire, no more group life insurance. I say always elect to join a group work policy because it's so cheap. I tell all my clients this.
(At work your job owns your policy) Again; therefore you should have your own policy as well. Young and healthy is the best time to get life insurance you are rated based on your health and age and some other factors. Life insurance is not something you can get when ever you feel like it, it's like applying for a credit card either your approved as applied for, approved at a higher rate or your insurance is decline. If your health is not so great then a group policy of course would be great for you.
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If you mean a individual policy that you "own"? Absolutely nothing. It stays the same.
The issue is ownership, which means who controls the policy. If you own it, you decide. If your employer owns it, they decide and they decide what's important to offer. You'd be surprised at the number of dental plans that do and don't include orthodontics depending on how the owner's kids teeth are. Never ever had an employer turn down orthodontics if their kids needed it. ;)
(At work your job owns your policy) Again; therefore you should have your own policy as well. Young and healthy is the best time to get life insurance you are rated based on your health and age and some other factors. Life insurance is not something you can get when ever you feel like it, it's like applying for a credit card either your approved as applied for, approved at a higher rate or your insurance is decline. If your health is not so great then a group policy of course would be great for you.