How a Career Change can Affect Your Coverage
Nothing in life is consistent, and the same can be said for the job you work. In fact, the average person will likely change jobs up to twelve separate times during the span of their career, especially since the current job market often means that you’re more likely to get a pay raise by working somewhere else rather than waiting for a promotion at your current job.
What does this mean in regards to life insurance? It means that as you change jobs and enjoy a new, bigger salary, it may be worthwhile to think about getting yourself a life insurance policy if you haven’t already – and if you have, it might be prudent to look at adjusting your policy for the sake of better coverage.
Another thing to consider is that you may have been previously covered by your employer, but if you change employers, it’s very likely that you’ll lose that coverage. That being said, some employers will allow you to port your coverage to your new employer’s plan or convert the plan to an individual plan. If you want to convert your plan to an individual plan by paying the premiums out of pocket, you’ll find that for the coverage you’re getting you’ll often be paying a large amount of money when you may not need the coverage you’re receiving. Regardless of whether or not you are covered by your employer or if you are allowed to port your coverage, it’s a very good idea to purchase your own individual life insurance policy so you don’t need to be worried about being insured, regardless of job changes or otherwise.
In any case, it’s a good idea to be individually insured so that no matter what happens in regards to your career or life changes, you’re covered and have the protection you need for your family and your finances. It’s always a smart idea to assess your insurance situation wherever you are in life, and at Pacific Insurance Group, we’re always ready to help you. To get started on building a more comprehensive coverage plan that fits your needs and keeps you protected, even between jobs, speak with an agent at (425)-246-4222 or visit us online at www.pacificinsurancegroup.com.