If you belong to a union, you probably have life insurance already; but it likely isn’t enough. This is why you should also look at term life insurance options from other sources.
To begin with, your policy is probably a group policy. While this provides you coverage, there are some issues with group policies.
Problems with Group Life Insurance Coverage
- Coverage is usually only enough to cover lost income for a set period – a year or two. If you were to pass away prematurely, this wouldn’t be enough coverage. Life Insurance experts recommend a minimum of 10x your annual salary plus debt for a family.
- Death benefits that are meant to replace your salary don’t account for commissions, second incomes, or additional benefits such as retirement contributions and medical insurance.
- You life insurance policy through your union depends on your job situation. If you leave the union, you lose your benefits.
- You have to go with whichever life insurance company your union chooses to provide you with coverage. They may use an unpopular company because they want to save money.
Life insurance brokers and agents know which companies stand behind their products and the union policyholders they serve. Just as with most everything else in life, you need a solid understanding of insurance to get the utmost benefits from its offerings.
There’s no doubt that belonging to a union, whether it’s the BCTF, CUPE, BCGEU or another, is a major benefit to your life. They help you make a decent living while also offering you more job security. This is one of the reasons why unions were established – so it’s members can afford their mortgage payments, buy healthy food, cars, clothing and other consumer goods, but this isn’t all that unions do. They also help to stabilize the economy and stimulate growth.
Thus, you can be very proud of your association with your union, but you should still think about yourself as an individual.
There are only a few insurance companies specializing in life insurance for union members and although each has their benefits, they all want your business. That’s not a bad thing, but you need an objective opinion. On the other hand, an insurance broker (differs from an insurance agent) doesn’t have a personal stake in which company you buy your life insurance from.
Brokers are free to shop the market on your behalf and it doesn’t cost you anything to get a policy recommendation from them.
The Benefits of Life Insurance Brokers
A licensed insurance broker works independently and can give you solid advice on your life insurance needs. They want to ensure you get the protection you need so you’re not lacking anything in your coverage.
At Shelter Bay Financial Corp., we have made it easy for you to get life insurance information, advice and products. We are an online life insurance brokerage firm, so you can get what you need on the internet, or via the telephone.
To find out more about our insurance product or speak with an advisor, please call us toll free at 1.888.498.5288