Have you reviewed your life insurance recently?
It’s easy to overlook, but making sure you have the right amount of coverage is crucial.
University of Michigan employees can optimize their life insurance benefits and avoid common mistakes.
Here’s what you should consider
Article Contents
Evaluate your current coverage
U of M provides a basic life insurance policy, but is it enough for your family’s needs? If you have dependents or a mortgage, you may need more coverage than what’s automatically provided.
Consider supplemental life insurance
U of M allows employees to purchase additional life insurance through their benefits plan. This can be a cost-effective way to increase your coverage. However, be aware that these policies often get more expensive as you age.
Term life vs. permanent life insurance
While the U of M plan offers group life insurance, it might not be the best fit for everyone long-term. A term policy with level premiums might be a better option if you’re looking to lock in rates for a specific number of years. This can provide greater coverage at a lower cost, especially if your insurance needs will decrease over time.
Portability matters
Will your life insurance policy follow you into retirement? It’s essential to review whether your coverage is portable or if you need to explore other options as you approach retirement.
Life insurance is one of those things that’s easy to set and forget, but reviewing your coverage now can save you and your family a lot of stress down the road.
Want to watch the full webinar? We have it on-demand so you can take a dive deeper into this important topic.
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