One Work Benefit Is Still Awesome (For Now)

I’ve bemoaned several cost-cutting measures by my current employer that have had a negative impact on our finances. Specifically:

  • Suspension of employer matching to our 401(k)
  • No raises in 2009 or 2010
  • Up to 100% increases in premiums for health care in 2011

All in all, it’s been a pretty rough couple of years and definitely not what I had been projecting when you think of such things.  I think we sort of got used to the idea that we’d get a raise every year (or two years) and that health care costs, while increasing rapidly, wouldn’t effectively double.

Still, enough complaining.

One thing that I’ve realized is really good is our life insurance benefits.  Our employer ‘gives us’ life insurance at two times our salary for nothing.  Additionally, you can ‘purchase’ up to eight times more at a pretty reasonable price.  You can also add life insurance for your spouse and for children.

I did some comparison shopping a while back, and no insurance company that I contacted could even come close to what we pay annually out of my paycheck.  Not even the company that supplies our home and auto insurance policies could anywhere near, and they were the cheapest!

It’s important to be well protected, so I will definitely make sure this is always addressed.  I know that I’ll have to look at this if any of the following scenarios were to take place:

  • I no longer worked at my company
  • My company discontinued or reduced this benefit
  • My company raised the cost of this benefit

For now, it’s a pretty kick-butt benefit, one of the few remaining, so I’ll happily take it for now!