AboutR. Gene Ramsay Expertise I can answer questions from people regarding health, life, and supplemental insurance. I can also answer certain annuity questions,
long-term care, medicare, vision, dental, group products, individual
products, and certain carriers. Another area would be general discussion on an individual basis to determine need and help individuals make the right decisions for them. I can also field questions from other insurance
providers about carriers I represent so we can do some business together and I am also willing to offer my thoughts on certain issues they may be having
with clients/customers, etc.
Experience
Past/Present clients I would prefer not to divulge current clients without their consent to do so.
Question My wife's employer offers life insurance as an optional benefit. The rates are lower than quotes I am getting from a standard 20 year term plan. But the insurance through the employer lasts as long as she is employed there (if I am understanding how employer life insurance works), which may be as little as 3 more years. Is it wise to save money now using the employer life insurance, and then get a term policy after she leaves that employer? Or better to get the term policy started at a younger age, even if it means paying a little more right now? Any perspective on this issue will be appreciated.
Answer Jeff,
Great question and you hit both scenrios right on the head. My professional opinion would be to provide your own life insurance...at least in some amount and type...that is not dependent on an employer keeping their benefits or doors open. I have talked to many companies who just up and drop coverages provided for.
One other thing to consider is this, if you are paying a rate for her life insurance through the company (maybe on a payroll deduction basis), then that sounds like a voluntary option put in place as a result of the company providing some base life at no cost (usually $10K-25K). If that is the case, the wording on her individual certificate should be that you can take whatever she has purchased with her when she leaves. Normally you would roll that into a permanent, cash accruing policy at that point, but the option to keep it would be there and yes...you would have to pay an increased premium but you would not lose coverage (which is important, especially if health changes occur and she becomes "uninsurable"). That last bit may be something you need to look at before making your final decision.
I hope this helps.
