Ask these questions about your benefits before switching jobs.
It's very common to switch jobs multiple times throughout your life. This is why it's important to understand that your employee benefits will not follow you from one job to the next. This is why it's important to think about these benefit questions as you make career decisions.
- Is my employer-offered life insurance enough?
While life insurance might not seem like a priority when you are young and healthy, this will become an important coverage for you in the future. While many employers offer life insurance as part of their employee benefits package, these plans typically do not offer enough coverage. It's also important to note that you will not get to keep employer-offered life insurance when you switch jobs. The best way to ensure that you have this important coverage is by securing a personal life insurance policy. This way, you can secure the right amount of coverage and keep this coverage no matter where your professional journey takes you. If future employers offer life insurance as a benefit, then it can supplement your existing policy.
- Should I make a separate retirement account?
It's important to start saving for retirement as soon as possible. While employers may offer you retirement savings, this benefit will not travel with you if you switch jobs. To ensure that you are not solely reliant on retirement savings through your employer, you should secure your own retirement account. IRAs and Solo 401(k)s are both smart options to consider. Saving for retirement on your own ensures that you prepare for your future, without being chained to a job just because they offer retirement benefits.
- Should I secure disability insurance?
Disability insurance makes up for your lost income in the event that you are disabled and cannot go to work. While many employers offer this coverage to their staff, they will not offer this benefit to the workers that leave their company. So, to protect yourself as you move from job to job, consider securing an individual disability policy, so you are not reliant on one job.
These are some of the benefits questions to consider if you are thinking about making a career change. Do you need help managing your coverage needs? If so, then
contact the experts at
Club Agency Insurance Brokerage in Garden City, New York. Our dedicated team is eager to get you covered today.
