At Simplified Financial, we often hear this:
I don’t need insurance. I’m covered under my spouse’s plan.
— Common Client Response
Many people believe that having coverage under one spouse is enough. However, standard group plans do not always include important coverage products for the spouse/dependents, such as:
- Life Insurance
- Critical Illness Insurance
- Disability Insurance
Typically, the coverage amounts are insufficient if a group plan does contain these products for the spouse/dependents.
There are options to combat this:
- Group: Both spouses can accept group coverage. One spouse can even waive the health and dental portion to reduce premium costs.
*Note: Having both spouses enrolled in their company’s group plan can also decrease the risk of becoming a late applicant if the other spouse loses coverage due to a loss of employment.
Being a late applicant can significantly reduce the amount of a couple/family’s eligible coverage.
- Individual: They can discuss individual coverage options with their financial advisor.
*Note: This option is helpful if only one spouse has access to group coverage or for topping-up their existing coverage.
Simplified Financial is here to help with all of your group and individual financial needs. Please give us a call or make an appointment with one of our financial advisors so we can review your options.
Have a question? Or need clarification?
Call to schedule an appointment with one of our advisors.
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