Author Topic: Work Insurance Help  (Read 809 times)


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Work Insurance Help
« on: November 13, 2017, 05:16:27 PM »
So my workplace is changing the insurance policy. It offers us the opportunity to enhance our current insurance or leave it as is. We can leave it as is and I wouldn't pay, but if I decide to upgrade, I have to pay some amount depending on how much coverage I want.

When it comes to my life insurance, now I can upgrade that up to a maximum 1.3 million dollars, but it would cost me annually at most 900 something dollars if I go to the maximum. I am thinking of keeping the life insurance as is at 25k$ coverage, meaning I wouldn't pay a cent on my paycheck since I have no kids and girlfriend/wife, I own no home either, so if I die...well sad to say, but I just die and the money I guess would go to my parents if I understand it correctly (since they will be beneficiary).

The only thing that I am not sure of is if I should take Employee Optional Critical Illness Insurance and/or Accidental Death & Dismemberment Insurance for someone in my situation.

For the critical insurance, I can go up to 600 000$ in coverage at most which would cost me if I go all the way to the maximum about 1485$ annually. I am thinking of taking it, the only thing is, should I? and how much coverage if I should chose it?

For the Accidental Death & Dismemberment Insurance, the maximum I can go for is 500 000$ which would cost me 117$ annually. It seems cheap to pay, but the chances of accidental death & Dismemberment are very low. I work as an assistant-manager at a pharmacy.

Now if I decided opt for none of them, the only thing my work insurance covers without me paying a cent is:

Employee Short Term Disability Insurance (Weekly Indemnity Benefit)
Coverage:  70% of annual salary
Coverage amount is $497.

Employee Long Term Disability Insurance (Monthly Indemnity Benefit)
Coverage:  60% of annual salary
Coverage amount is $1,846.

Employee Basic Life Insurance
Coverage:  200% of annual salary
Coverage amount is $25,000.

So my questions is, am I right to upgrade the critical illness or should I just leave all of it untouched it considering I don't own a home, I have no kids and no wife/girlfriend? Thanks in advance.
« Last Edit: November 13, 2017, 05:19:21 PM by ransom132 »