My employer changed as of the 1st of the year. I work in the same job doing the same thing, but we were converted from contract to full time employees. As such, we were brought onto the benefits program of my new employer, and while the types of offerings were the same (medical, dental, disability, etc.), there were variations in each. All of them required some level of research and understanding, but none so much as the change involved with life insurance.
My former employee offered coverage that I felt was fully adequate for our needs. I was allowed to ‘purchase’ ten times my salary as coverage for myself, and was allowed to purchase coverage for my wife up to a fixed amount. In looking at the ‘what if’ scenarios that you hope never happen, we felt that if either of us died, the payout would offer enough coverage. The cost in terms of deductions per paycheck was very reasonable.
I always knew in the back of my mind that I would likely need to look at coverage, and when the conversion was announced, and we received information about the offerings, I knew that the day had come to better understand life insurance.
