Open-enrollment season is here — and it’s not just about health insurance. You also need to think about what kind of life and disability benefits your employer offers.
Unlike health coverage, these other insurance benefits are almost always provided free to the employee, which makes them practically a no-lose perk — and one you may not even have to register to get. If there’s any downside to these coverages, experts say, it’s that they may make workers complacent about their long-term insurance needs, and so risk being underinsured.
Here’s a plan to fight complacency, while it’s still easy to adjust your coverage — with many employers’ open-enrollment periods running through mid-December. Follow these three steps to establish what, if any, coverage you get from work, assess whether it’s enough, and take action if it isn’t up to the mark.
Confirm any workplace benefits you receive
Your company benefits booklet or online benefits portal should detail the life and disability insurance you receive. If the coverage isn’t clear there, call your HR department.
Life insurance is the most likely benefit. Sixty percent of U.S. workers get some coverage through work, according to the Bureau of Labor Statistics. Employers typically provide a life-insurance policy with a death benefit of $50,000, $100,000, or the equivalent of the employee’s annual salary.