In Bangladesh, many people get life insurance coverage through work because there is very little, or no cost associated with it and it’s easy to manage. If you do have an employer-sponsored life insurance policy, how much do you really know about it? Have you reviewed your policy details closely?
Types of life insurance that employers provide
Usually, employers offer two types of life policies —one is included as part of your benefits package and you don’t pay for it. The other is group life insurance that you can purchase. In this article, we’ll talk about some pointers that you might want to consider determining whether your employer-sponsored life insurance policy is right for you and your family’s healthcare and financial well-being.
How much insurance coverage you will get?
It is really important to closely evaluate how much life insurance coverage you really need. A number of multinational and local companies in Bangladesh offer attractive coverage plan to their employees. You may want to consider whether the coverage amount is likely to meet your family’s needs if you pass away. Don’t forget about the role that outstanding debt, like a mortgage, car payment or student loans, can have on your family’s financial needs.
Who are covered by my group life insurance?
Most group life insurance policies only cover the employee. If you’re married, you may want to research if your partner is also covered, either through their own employer, or by purchasing an individual policy, to help protect your family.
Your work life and personal life are always changing, and so are your financial needs. As time goes by, your salary is likely to increase, your family might grow, or you may take on extra caregiver responsibilities as your parents get older. Your life insurance coverage should also reflect these changes. Therefore, you’ll want to find out if your life policy covers your dependents’ healthcare, education and other needs, and what the cost might be to make changes.
Your life insurance coverage through work may not follow you if you change jobs or if you stop working altogether. And your new employer may not offer the same benefit options, so it’s important to make sure you have sufficient life insurance coverage in place, no matter where you work.
It’s important to remember that a group life insurance plan isn’t your only option. You can purchase additional life insurance coverage as an individual, which might be more affordable than you think. Take control of your life insurance coverage through MetLife Bangladesh so you’ll always have the right protection in place for you and your family.