Should I buy insurance at work?

Your employer may give you the opportunity to buy different types of insurance—such as dental, life, or disability—during an enrollment period at work.

But should you purchase coverage in the workplace or do your own homework and find coverage elsewhere? It depends on what you need, how easy it is to sign up, and the cost.

Generally, when you purchase insurance at work, you'll get the benefit of:

  • lower rates due to pricing based on a group of people rather than just you,
  • guaranteed coverage for life and disability insurance up to a certain amount with no medical questions asked,
  • easy payroll deduction so you never miss a payment, and
  • a choice of quality companies because your employer has pre-screened them to select the best providers.

When you finally decide to buy insurance coverage—whether at work or elsewhere—make sure you're comfortable with the following:

  • The amount of insurance—Are you covered if something were to happen to you?
  • What the plan covers—Are you getting all the coverage that you need?
  • How much it costs—Does the amount fit into your budget?

To find out if your company offers employees the option to elect different types of insurance, check with your benefits administrator today. 

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SLPC 24197 06/16

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