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June 24, 2022 • By Kevin Alvarez

Is My Employer’s Life Insurance Enough?

If you’re like a lot of people in the workforce, you might have signed up for your company’s life insurance program as soon as it became available. Registration was simple, and the insurance most likely costs you little or no money. Choosing to join might have been an easy decision.

But is basic life insurance through an employer enough to meet your needs? According to a survey, 29%1 of workers believe that it is. But you might be shocked to discover that it may not be.

How Does “Work Life Insurance” Work?

Employer-provided life insurance is a type of group life insurance because the plan covers everyone who chooses to participate at your company. Employers enter into a contract with a central insurance agency to provide life insurance coverage conveniently to all their employees.

Employer-paid life insurance often means that your company will pay the entire monthly bill for your insurance. But this isn’t always the case. In some instances, your employer will pay most of the cost, but you’ll still have to pay a small amount that’s typically deducted from your paycheck.

Why Do Employers Offer Life Insurance?

Group life insurance makes an excellent addition to an employee benefits package. Companies that offer free life insurance often have a hiring advantage over a business without a group plan.

One reason for the benefit’s popularity is that even workers with serious health issues usually find it easy to get insurance through group coverage. Everyone at the company automatically qualifies because the insurance company doesn’t mind accepting the risk of insuring a person with health challenges as long as most of the other insured coworkers are healthy.

How Much Does An Employer Provide?

The median coverage for a company employee is $20,000 or one year’s salary.1 Some companies may offer you a plan that pays two or three times your salary.

If you need more insurance, employers may give you the chance to purchase an additional amount of insurance through the company’s group plan. Even then, however, there are still a few points to consider before deciding whether employer-provided insurance meets all your coverage needs.

Does My Employer’s Life Insurance Meet My Needs?

Is the amount of coverage your employer offers enough for your family? Will they be able to get by on $20,000 or on the equivalent of one or two years of your salary?

One consideration may be whether you want enough insurance to help pay off your debts and provide for your children’s education. In addition, there may be other reasons why you need a larger insurance payout than what your employer’s insurance offers. For example, you may have an aging parent who relies on your income. In that case, you may want to factor in the cost of providing quality nursing care for that person after you’re gone. If you have questions about your needs, speak to a licensed agent.

Even if you are able to apply for more coverage through your employer-provide coverage, you may have to answer medical questions or get a physical. In that case, some medical conditions could prevent you from adding to your policy. Or you might be asked to pay more than you can afford.

Does My Employer-paid Life Insurance Carry Over From Job to Job?

Maybe the biggest drawback of relying entirely on life insurance from your employer is that, in most cases, the insurance provided by your company covers you only as long as you remain at the company. Typically, the insurance coverage stops when you leave, whether it’s because you resigned or because you were laid off or fired. If you see yourself leaving your job at some point in the future, you will need to think about how to replace the coverage you had. If you’re lucky, your new employer might also offer life coverage. But there’s no guarantee it will.

One Option: Convert Employer Insurance To Personal

One way around the problem of losing your life coverage when you leave your job is to convert your employer-provided life insurance to personal life insurance, if your company gives you that option. Usually, no medical exam is required when a person makes the change. But once your coverage goes from group to personal, you, rather than your employer, will be responsible for making your full monthly payments. And at that point you might be able to get a better deal on both the cost and the amount of coverage if you just leave the employer policy behind and shop around for a new insurance policy.

Should You Get Life Insurance Outside of Work?

The insurance provided by your employer is a great benefit. But it may not be enough. So, carefully calculate how much insurance your family needs and, if you need more coverage, consider purchasing a separate personal policy in addition to the group policy you have through your workplace.

SafeAmerica Can Help

Trustage Life Insurance

Life insurance can be a simple, affordable way to help protect your family if you pass away. It can provide your loved ones with money to help pay for things like mortgage or rent payments, day to day bills or medical and funeral bills. SafeAmerica has partnered with Trustage to provide you with affordable, member-only pricing on life insurance and more.

For more information and to get an instant online quote, click below. 

SafeAmerica: Home, Auto and Life Insurance

By accessing this link, you will be leaving SafeAmerica's website and entering a website hosted by another party.

Although SafeAmerica has approved this as a reliable partner site, please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of the bank's website. The other party is solely responsible for the content of its website.

We encourage you to read and evaluate the privacy and security policies on the site you are entering, which may be different than those of the bank.

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1 2021 LIMRA’s Life Insurance Barometer, “Top Misconceptions About Life Insurance”. 

May 7, 2019 • By Lisa

Get $50 When You Open a ScholarShare 529 Plan, Plus a Free Webinar

ScholarShare 529

 

Get $50 when you open a ScholarShare 529 account between May 28 and May 31, 2019.*

100% tax-free growth can mean more money for college.

What is a 529 account?

A 529 plan is an account that allows you to invest specifically for future education expenses. Similar to IRAs and 401(k)/403(b) plans designed to help save for retirement, 529 plans are aimed at helping families save for college.

Benefits of a ScholarShare 529 account:

  • 100% tax-free compound earnings
  • Low cost, less than half the national average**
  • Use at any accredited school
  • Flexible investment choices

To take advantage of this great $50 offer, visit ScholarShare529.com/529Day.

Offer valid May 28 to May 31, 2019.

Free Webinar

Join a ScholarShare 529 specialist for a free, online webinar May 23, 2019 at 11:00 am (PST)

Register Now

By accessing this link, you will be leaving SafeAmerica's website and entering a website hosted by another party.

Although SafeAmerica has approved this as a reliable partner site, please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of the bank's website. The other party is solely responsible for the content of its website.

We encourage you to read and evaluate the privacy and security policies on the site you are entering, which may be different than those of the bank.

Continue

Learn More

*When you open a new ScholarShare 529 College Savings Plan account with a $50 contribution (and sign up for ongoing automatic contributions of $25 or more per month for a minimum of 6 months) between May 28, 2019, at 12:01 a.m. and May 31, 2019, at 11:59 p.m. (PT), ScholarShare 529 will match $50 on or before January 31, 2020. Visit ScholarShare529.com/529Day for official Terms and Conditions. Void where prohibited or restricted by law. Sponsored by ScholarShare 529 College Savings Plan.

**Source: Strategic Insight 529 College Savings Quarterly Fee Analysis, Fourth Quarter 2018.

June 22, 2018 • By Lisa

Paying for College: Dealing With the Student Loan Crunch

Reportedly, student loan debt is at an all-time high and only continues to grow. It’s a sobering fact, especially considering that most students headed to college need some kind of financial assistance. The good news is you decrease your chance of taking on crippling debt or defaulting when you keep yourself informed about the ins and outs of student loans.

Finding financing

Due to the high cost of college tuition many families are unable to pay for college with savings alone. Traditionally, student loans have provided an important avenue in allowing students to be able to go to college. Even though paying for school may seem like a daunting task, there are several steps you can take to find financing:

  • Talk to your school’s financial aid office. Employees at financial aid offices are trained to help people find financing for school and have dealt with many others in the same situation as you. Ask them what lenders still offer student loans and what your other options for funding are.
  • Look for scholarships and grants. It is a good idea to look for scholarships and grants regardless of how easy it is for you to find student loans. Why borrow when you do not need to? High school guidance counselors and college financial aid offices usually have information on available scholarships and grants. Information is also available at www.finaid.org.
  • Consider a home equity line of credit or loan. For parents with a significant amount of equity in their homes this may be a good way to help finance college. Interest rates are usually fairly low, and the interest is tax deductible as well. However, it is important for those considering this option to remember that home equity lines and loans are secured debt. You could lose your home if you do not make payments.
  • Stay informed. It seems that the laws surrounding student loans change every few years. Watching or reading relevant stories in the media will help you to be better aware of what your options are and what new opportunities are created.

Preparing for the future

For parents, the current student loan crunch demonstrates why it is a good idea to save for college. Even if student loans are readily available when your children go to college, saving allows them to rely less on loans, which they will need to pay back after they graduate. If you are saving for college take advantage of available tax-saving vehicles.

For example, 529 Plans, Coverdell Educational Savings Accounts, and Series EE Savings Bonds (issued by the Department of the Treasury) allow you to invest savings for college and not pay taxes on earnings, as long as the funds are used for qualified education expenses.

College tuition is high, and paying for college is often not an easy task. However, there are several options for funding available, and being well informed can help you prepare for and manage this cost.

SafeAmerica Credit Union offers private student loans.  Let us finance your education or refinance your current student loan and save money!


Learn More About SafeAmerica Student Loans

March 6, 2018 • By Lisa

Strategies to Make College More Affordable

With the price of college still on an upward trajectory, families are looking for ways to make higher education affordable.

According to “How America Pays for College,” a report by Sallie Mae, the average American family spent $23,757 on college costs in 2017.

Here are some ways families are reducing their college costs:

  • Live at home.

    The report found 50% of students live with their parents or relatives.

  • Cut the pricey top picks.

    Nearly 70% of families eliminated colleges during the application process due to their high price tags, up from 58% in 2008. About 73% are choosing an in-state school.

  • Take a student job.

    At least 76% the students surveyed reported planned to work while in college, with 55% working year-round.

  • Finish quicker.

    Nearly 26% of students enrolled in accelerated courses while in high school to pay for fewer semesters in college.

  • Use grants and scholarships.

    Families reported covering about 35% of their school bills with grants and scholarships—the biggest portion of their payment sources. About 87% of these scholarships come from the schools.

  • Start a college-savings plan.

    In 2016-17, 13% of families used the 529 tax-advantaged college-savings plan, with an average amount of $10,031.

SafeAmerica Credit Union can help.

We're your local credit union and we're here to help.  Did you know SafeAmerica Credit Union offers affordable student loans?  Let us finance your education or refinance your current student loan to save you even more money.  We also award 5 lucky winners a $1,000 college scholarship each year with our annual college scholarship program.  Submit your essay today for a chance to win.


Learn More About Student Loans


Learn More About Scholarships

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