The insurance coverage(s) provided through your employer sponsored benefit plans are important pieces of your financial plan. Think of them as the building blocks of your financial “house” (savings & investments). Without these critical coverages in place, then all it would take is one accident, or illness, or worse death, and all that you have built (up) could come tumbling down.

We are going to stick with the renting vs owning analogy with this. The benefits provided with your employer are just that – with your employer – meaning that if you leave your job, for whatever reason, then it is more than likely (deflategate-speak again) that your coverage will stay with your employer as well. The insurance coverage(s) that you and your family are relying on for protection can suddenly be taken away should you no longer be employed. Which is kind of like renting your protection plans instead of having actual ownership of your coverage.

And where does that leave you and your family? Without protection. Until you land another job. But what if that employer doesn’t have the same the type of benefits available, or limits how much coverage you can obtain? Now what? Now there are cracks in the foundation of your financial house and you had better figure a way to get them filled-in asap, otherwise you could find yourself (or your family) one small fall away from having all that you have accumulated taken away by an accident, or illness, or worse, leaving your family unprotected should you die.

The problem with most insurance coverage, but especially with life, disability & long-term care is that you have to qualify for the policy. And the simple truth is that – while you may be able to make yourself healthier in the future; lose weight, eat right, stop smoking, et.. You will never be younger thatn you re today. So what happens if at that time “down the road” we decide that we should have our own coverage, or worse, we need it because our employer no longer offers it, and now we can get it (health) or it’s too expensive (age + health). 

Take the time to do a little overview in to exactly what options and coverages are available through your employer sponsored plans. Review what you have, or wouldn’t have should you leave the job tomorrow. Author’s Note: While you are at it we suggest you also do a review of all your designated beneficiaries for any of these employer. You’re looking at the coverage, checking the beneficiaries is just good practice. Are there areas of coverage that will leave you or your family unprotected should you no longer be employed. If the answer is yes, then it is time to consider filling in some of those “cracks” by obtaining your personal policies.

That's why we founded ARIES Foundation in the first place, to try and help everyone have a better relationship with their money. If you have questions about insurance, or the types of coverages available, then reach out to us: info@ariesfoundation.org. Or you can visit our webiste: www.ariesfoundation.org