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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