Salt Lake City, Utah financial consulting experts IHP Advisors released a new report to help readers make an informed decision on whether or not to opt for employer-provided life insurance.
IHP Advisors, a financial consulting company based in Holladay, Utah, launched a new report on the most important things to consider before opting for employer-provided life insurance. The company examines five potential drawbacks of choosing life insurance policies provided by the employer, and offers expert tips on the most effective strategies to ensure adequate coverage for the best price.
More details can be found at https://ihpadvisors.blog/5-reasons-not-to-rely-on-employer-provided-life-insurance.
The latest report aims to provide readers with an expert overview of the main issues that may arise once employees accept the life insurance provided by their employer.
According to the Bureau of Labor Statistics, over 60% of non-government workers in 2019 benefited from employer-provided life insurance. Though a common option, it may come with a series of potential issues that are often not completely understood by the employee.
IHP Advisors explain that the insurance offered by the employer often features limited coverage, generally once or twice the salary. The policy will also typically end once the insured leaves their current job, and potential health changes can also leave the employee uninsurable.
Another important factor to keep in mind is the potentially limited benefits of employer-provided insurance. Unlike permanent insurance purchased from a licensed agent, it generally only provides a death benefit without any additional benefits.
The report recommends making an informed decision and investing in additional types of insurance to mitigate the potential limitations of employer-provided life insurance.
“While there’s no reason not to take advantage of any free option your employer offers, it probably should not be your only source of life insurance”, explains the report. “The solution to each of the problems described above is to purchase some or all of your life insurance directly through a licensed agent.”
More details can be found at https://ihpadvisors.blog/employer-provided-life-insurance and https://ihpadvisors.info.
With the latest announcement, IHP Advisors continues to expand its range of high-quality services and resources for clients in Holladay, Salt Lake City and the surrounding areas.
Interested parties can find more information by visiting the above-mentioned websites.