Starting your first job is an exciting time in anybody's life. You get the opportunity to gain your financial independence and make money to buy the things that you've always wanted. However, while the salary aspect of your work is definitely important, there's another factor that needs mentioning as well: the benefits. Chief among the benefits is life insurance. Although you may be thinking about passing up on the life insurance, use this information to learn more about why you should enroll in the life insurance program when it is presented to you.
You May Be Able To Keep Your Policy Indefinitely
The main reason why you should take the plunge and get the life insurance is because you may be able to keep the policy for the rest of your life. This is important for a number of reasons.
Understand that the way the life insurance industry works is usually to progressively charge more to customers as they get older. What this means is that a life insurance policy that you're able to get for $10 dollars a month when you are 22 may cost $50 dollars a month when you're 55.
Also, you never know what the future may hold. You might develop a serious illness that some insurance companies deem to be too risky. This could mean that you won't be able to leave anything to your loved ones should something happen to you.
That's the beauty of getting the life insurance that your company offers when you start your first job. If you keep it long enough, you may get grandfathered in and never have a rate increase. In addition, even if you leave that particular job, as long as you keep paying the policy premium, you will be able to keep it.
You May Be Able To Borrow Against Your Policy
Another reason why you should get the life insurance at your job is because it could start to develop cash value. What this means is that if you happen to have a financial emergency of some sort, you'll be able to borrow against the money that you've stored up in your policy. This can be a godsend when you need cash the most.
The small investment that you make in getting the life insurance policy at your job could turn out to be well worth it. When you start work and go in to select your benefits, make sure you click, "Yes," for the life insurance. To learn more about your life insurance options, contact an insurance agency like Advantage Insurance Agency, Inc.Share