Steps to Navigate Life Insurance Benefits at Work

Boston Mutual Life Insurance Offers Four Easy Steps to Help Navigate Life Insurance Benefits at Work

Boston Mutual Life Insurance Company Shares Tips to Help Americans Prepare For Employee Benefits Open Enrollment Season

Life insurance is a smart investment that helps financially protect families should something happen. When life insurance is purchased through an employer, employees typically get access to affordable options so they can choose one that’s right for them.

Consider four key steps to prepare for signing up for life insurance benefits at work.

Step 1: Mark your calendar
Make sure you know the dates and deadlines for open enrollment and put reminders on your calendar.

Step 2: Assess your current benefits
Start by asking yourself important questions: Do you know what your current benefits are? Do you know what type of coverage you have? When does it expire? Has anything changed with your beneficiaries? What options would be most beneficial for your needs?

Some life insurance companies, like Boston Mutual Life Insurance Company, offer flexible, affordable whole life workplace insurance products that feature guaranteed coverage with no medical questions, up to certain amounts, as well as payroll deduction to make payment easy.

Step 3: Think about your needs moving forward
Will you be covering yourself or family members as well? For example, with a whole life option, many times, grandparents can purchase insurance for their grandchildren. Determine who will be on your plan and if there are additional details or medical history you’ll need to gather in order to enroll.

Think about upcoming potential life changes or milestones that could take place over the next year, like a new home purchase, baby, or marriage. These changes have potential to impact your finances and may influence how much life insurance you should have. Thinking of getting a new job or retiring? Some life insurance is portable, including one offered by Boston Mutual Life, so your payment amount stays the same, even if you change employment or retire.

Step 4: Do your research and ask questions
Some companies set up meetings with HR or benefit carriers to go through your options. Review any materials you’re given in advance and prepare questions to bring with you, both from yourself and your family.

Also, consider doing your own independent research on life insurance options online. In fact, according to life insurance industry group LIMRA, in its 2019 Facts About Life study results, six in 10 life insurance shoppers use social media to learn about products and services.

“Boston Mutual Life is a company dedicated to the needs of working Americans, and we want to help educate families on the role of life insurance in their financial planning,” said Jim Jacobsen, Executive Vice President of Distribution and Underwriting at Boston Mutual Life Insurance Company. “When employees take a proactive approach with their benefits, it positions them well to identify a flexible plan for their unique needs.”