Can Kids Be Riders On Your Insurance Through Your Job?

Your kids can be riders on your Insurance through your job. Typically an Insurance Policy  through your job will cover your kids into the age of 25 in some cases 22 years old. You just need to be cognizant of the fact that this  policy will not last your children’s entire life but there are other  policies out there that can do that. These policies are however pretty decent when it comes to taking care of your young children in case of your untimely death. Main thing to know is it won’t last your entire life but your kids can be covered as well as your spouse. Also, for yourself when your Insurance Policy through your job expires, it will also expire on your children and spouse as well.

Life Insurance Through Your Job Can Be Expensive If You Are Healthy

 

The reason Life Insurance through your job can be expensive if you’re healthy is because Life Insurance through your job is a policy where anybody that works for the company or organization can get the coverage without any medical questions being asked. You can currently have cancer, diabetes, vastly overweight, multiple heart surgeries or even diagnosed with HIV. Anything that is looked at by most carriers as a red flag and will cause a decline but Life Insurance through your employer it’s okay. So, if you suffer from any of these ailments mentioned then your Life Insurance through your job is perfect for you because you wouldn’t be able to get coverage elsewhere. However, if you are a person that runs a marathon, works out everyday, eating well and have no health issues you will be paying the same premium as someone that does suffer from one of those ailments. You then have to ask yourself if that is the case how much are you paying for their risk? Because insurance company creates price based on the risk of the group and you end up paying the price for them. On the other hand, if you go out and get your own policy for example with the preferred rating you will be able to pay half the cost of what you are getting or pay the same amount and get double the coverage. This is one way in which your Insurance through your job can affect the healthy individual.

What Is The Process Of Signing Up For Life Insurance Through My Job When I Start A New Job?

When you start a new job, Life Insurance through your job is fairly easy to sign up for. You can get it as long as your employer offers it, but you have a particular window to sign up. You can’t wait two months to sign up for Life Insurance through your job; there is usually a 30-day window. The reason for this is Life Insurance through your job does not require medical exams or health screening, so they only give you that window. This is to ensure that people do not wait until they are diagnosed with some illness to sign up. Insurance companies have to prevent this by giving a window to sign up, and once that window is closed, you do not have another option to do the coverage unless you do a medical exam. So basically the only way to opt into Life Insurance through your job is when you begin a job.

Life Insurance Through Your Job Bad Health

Life Insurance through your job can be very beneficial for you if you don’t have the best of health. Reasons for this is because in many cases if you have for example terminal cancer, suffered a heart attack, had cancer last year, COPD and diabetes with insulin if you go to get any coverage, it is going to be very expensive for you. You will only be able to get limited amounts based on what that insurance company gives you coverage for. So, if you start a job that has Group Term, you have a window to sign up for that term, and during that window, you don’t have to answer any medical questions, and you will be able to get that coverage right away. Life Insurance through your job benefits persons who have bad health. I had a client who was recently diagnosed with cancer, she got a new job, and she was able to get coverage without any problems. She, however, was not able to get much coverage through me, because of her recent diagnosis and most insurance companies would want her to be a couple of years removed from cancer to get a degree of coverage. In this situation, it benefited the client to go with her Insurance through her job because it allows for her to get more coverage than she would have gotten with an individual policy. She is aware though that this Insurance through her job will not last her entire life; however, it is considered to be golden for her family because she got more coverage than she would have received with any other insurance policy option.

Does Life Insurance Through Your Job Pay Out Right Away?

Life insurance through your job as long as your beneficiaries are set up properly will pay out immediately. Once your family sends the insurance company the death certificate they will send the money; there is no waiting period. There are some policies where you have to be alive for one year, two years or three years and in some case, four years before the policy will pay out in its totality. With a Life Insurance coverage through your job there is no waiting period in most cases, there maybe one or two out there but I am not aware of any. Life Insurance policy through your job is designed to pay out the full death benefit once the person that the policy is designated for passes away. Hence you don’t have to worry about that waiting period as it pays out right away in the full amount.