Open Enrollment is on the Horizon: Are You Adequately Covered?

EL DORADO HILLS, Calif., Aug. 5, 2011 /PRNewswire/ -- As open enrollment for employer-provided insurance benefit plans rolls around this fall, many employers will be offering their employees the benefit of participating in a group life insurance plan.  According to a National Compensation Survey issued by the U.S. Bureau of Labor Statistics in March 2011, approximately 61 percent of workers have access to life insurance and almost as many, 59 percent, participate.  While you investigate your options, be confident you have explored the most comprehensive life insurance policy options offered to safeguard your family's future.  Is participation in a group plan sufficient enough to ensure that if something should happen to you, your loved ones will be financially secure for the long term?

Become Informed:  Group Life Insurance, Individual Life Insurance Coverage

Group life insurance, a life insurance policy intended to cover a group of people, is often provided by employers as an employee benefit or by a professional association for its members.  Group life insurance can be an advantageous benefit for most, yet it's imperative to consider all the ramifications of joining a group policy, particularly given the fluctuations in our current economy.

It is extremely important to closely examine the benefits offered in a group insurance plan.   "While group life insurance plans can be a terrific benefit for employees, it's critical that individuals understand the full extent of the coverage," said Gary Lardy, CEO of IntelliQuote (www.intelliQuote.com), a leading online life insurance company.  "Employer-sponsored plans are owned and managed by an employer.  Therefore, because the employee does not own the insurance policy, the employer can easily change or eliminate the benefit.  Traditional employer-sponsored insurance policies can also be significantly more expensive than what one would pay for an individual policy."  

It is imperative you weigh your options and determine your cost for coverage through your employer-provided plan, as well as the comparative costs for purchasing an individual policy.  Many are surprised by the information.

Lardy further explained that, "group coverage may also be less comprehensive than the employee may believe it to be, and since the plan is owned and managed by their company, the employee has very little flexibility in ensuring the policy meets their unique lifelong needs.  It is also important to understand whether or not your insurance is portable—meaning you may take it with you should your employment end."  

Portability allows you to maintain your insurance regardless of your health, where you live or where you work.  It is critical to clearly understand the terms from your employer as they vary significantly between policies and employers.  

The bottom line in all of this:  Educate yourself to be certain you fully understand the benefits and extent of your group coverage, consider purchasing an individual life insurance policy in addition to, or instead of your employer-sponsored plan, and evaluate your options by requesting life insurance quotes from a reputable source.

ABOUT INTELLIQUOTE

A leading online life insurance agency since 1997, IntelliQuote provides customers simplified, private access to compare, shop and buy life insurance online, including term life insurance quotes. IntelliQuote offers clients a wide selection of competitive products from A-rated carriers, supported by licensed agents. This simplified approach makes purchasing a policy easy and straightforward while providing a savings of up to 70% per policy. IntelliQuote is a member of the LIFE Foundation and is committed to ongoing consumer education. For information on how to estimate how much coverage an individual might need, visit www.intelliquote.com.

For more information, contact www.intelliquote.com, or 888.883.6855.

SOURCE IntelliQuote