Life insurance is termed as the basic protective measure for the financial stability of your family or loved ones in case of your sudden demise. There are various types of life insurance plans offered in the market. Due to the fact that getting a life insurance is becoming more of a tradition these days; insurance industry is introducing innovations in this field on almost daily basis. Now various types of insurance packages are also offered in the salary packages of workers working in a private or government firms. You might have heard about people getting health insurance coverage or life insurance coverage from their employers. But what if you lose your job or you have to quit your job? Life insurance portability is the answer to all such questions.
What is life insurance portability?
Portable life insurance enables you to continue with your respective life insurance plan whether you possess a job or not. Wherever you live; wherever you go; portable life insurance plan would continue in all circumstances until you want to discontinue it. You might be wondering about the history of portable life insurance. Well in fact it all started when different companies started offering their workers with the treat of a life insurance plan. Getting group health insurance is a very common thing for an employer but now employers are also moving towards group life insurance plans.
Not many years ago, only single people showed interest towards the life insurance plans but now things have changed; now most of the companies get group life insurance plans for their employees. If your company or employer is offering you a life insurance plan then what is the need for a private life insurance plan. Well for the starters, the life insurance plan offered by the employer would end if the job ends due to any reason. Next if you want coverage for your spouse or any other family member then the life insurance plan offered by your employer would not be sufficient. You must also keep in mind the total value of the life insurance plan offered by your employer. Is it enough to cover your debts, mortgages, funeral costs, family finances in case of (God Forbid) your sudden demise?
If the total value of that life insurance plan is not enough then you definitely need to get a life insurance plan thats enough for you.
Importance of portable life insurance:
Portable life insurance is really important for you if you are currently working in any firm and are covered under the employers life insurance. You must keep in mind that your job is not a permanent thing. You can easily lose it due to any professional or personal issue. If you lose the job then you are also going to lose the life insurance coverage. So you need to get a private life insurance plan with portability. A portable life insurance plan will stay with you till the last days of your life. You must bear it in mind that if you dont get a portable life insurance plan and you lose your job in the later years of your life then getting a suitable life insurance at old age will become difficult for you. Its best to take the precautionary measure on time in order to secure your future.