Understand How Your Benefits Work When Changing Careers
Sometimes, jobs come to an end and we move on to bigger and better things. When changing jobs, you may face a new challenge – benefits. Not all of your life insurance or retirement plans will follow you from one job to the next. To keep one eye on your future’s finances, first remember to ask these benefits questions when thinking about changing jobs.
Is my employer’s life insurance sufficient?
Life insurance may not feel like a priority when you’re young, but having this benefit can help to protect your family’s finances if the worst happens. Life insurance helps to pay for your funeral expenses, outstanding debts, and day-to-day expenses. Although many employers offer life insurance coverage, determine if it is sufficient for your family’s needs. If not, supplement it with additional coverage.
Will I need a separate retirement fund?
Although retirement may seem like far away, saving money now can help you secure your financial future. Just as your employer-sponsored life insurance policy may not follow you when you change jobs, you may lose certain unvested retirement benefits once you leave one job for another. Be sure to talk to your financial advisor who can suggest your best options.
What about disability insurance?
Disability insurance isn’t often on the top of everyone’s priority list, but it helps when the unexpected happens. Think of it as insurance for your paycheck. Find out if your potential new employer offers disability coverage. Consider purchasing an individual policy to supplement as needed.
There’s a lot to think about when you’re planning your next career move. By asking these questions, you will be better prepared to handle financial and insurance challenges. With a little help from the team at Kneller Agency, you can secure the right insurance for your needs. Contact us today to get started!
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