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:

Typically, the coverage amounts are insufficient if a group plan does contain these products for the spouse/dependents.

There are options to combat this:

  1. 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.

  1. 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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