Fall marks open enrollment period for many businesses. A major life insurance company is reminding employees to take full advantage of their benefit offerings.
A representative from the insurance company, Dr. Ronald Leopold, notes, "Benefits offered through the employer are often the foundation of a personal safety net."
According to a survey from the insurance provider, nearly half of Gen Y employees indicated they were concerned about their family's well-being if they were to suddenly pass away. They say that having the proper insurance levels are important.
In terms of life insurance, a policy is needed if there are children in the equation. While determining just how much coverage is necessary can be difficult to gauge, there are some guidelines people can follow. The insurance company suggests purchasing coverage that is the equivalent of five years of salary in addition to paying any debt.
If the the life insurance options being offered at work aren't adequate, additional coverage can be purchased. People should discuss their needs with an agent to find a plan that suits them. Term and whole life are just two different types of insurance people can chose from.