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I signed into the accout, which has our 401k and life insurance policies, to change my address, and it says my life insurance coverage was terminated in November. I wasn’t given any notification of this, but the company pays for the insurance in the first place. Is it in their rights to do that without informing the employees at all?
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Home / Insurance / Blog article: One of my benefits at work was life insurance. Can they take it away without notice? |
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February 18th, 2010 at 1:01 pm
Chances are, you were notified in some manner; but in any case, a company has a right to modify its benefit package as long as it does so in a nondiscriminatory fashion, and is meeting any contractual obligations to its employees.
Added: To second dustoff’s comment, while employer-sponsored coverage is a great deal, it’s normally woefully inadequate in both amount and type. You should have your own individual coverage regardless of what your employer provides.
February 18th, 2010 at 1:01 pm
If it was group term insurance, yes they can. But it is shabby not to inform the employees. You should buy your own life insurance independent of any employer plan.
February 18th, 2010 at 1:01 pm
Yes, they can. NO advance notice needs to be given.
February 18th, 2010 at 1:01 pm
Yes. Group benefits are never as good as you buying and owning your own life insurance policy.
Group life insurance is usually temporary and not portable if you change jobs, get laid off or if the employer just cancels the benefit to save money.
Always get your own life insurance.
February 18th, 2010 at 1:01 pm
Keep this in mind: Whatever an employer can provide, he can also take away.
This is why I ALWAYS recommend the purchase of individual life insurance, and to not depend on the employers group policy. This way, YOU are in control of the policy, and NOT the employer.
Also, I recommend purchasing the individual policy from a LOCAL agent, not from one of those internet or mail order outfits. This way, the agent will be there to answer questions, make changes, and keep your insurance program up to date.
Ask a LOCAL agent to do a free Financial Need Analysis (FNA), or other Total Need program, to help you determine your total insurance need. the FNA will also help you determine if you need Disability insurance. This pays you an income if you are injured or ill and can’t work.
Statistics prove that being disabled is a greater risk than dying before age 65.