This is one of the most common questions I’ve been getting from prospects working for the government or a private company about getting personal Sun Life insurance and other investment programs.
Reality check! Although there is some truth to this. But here is the reality of group life insurance (from a company) vs. getting personal life insurance.
Starting your individual life insurance either with an investment or savings component has the main benefits and huge difference from the prior:
- Critical illness oftentimes exceeds the HMO coverage limits, and this situation leaves the employee and the company the burden of sustaining the costly medical treatments.
- When the employee is disabled by a critical illness or accident thereby making him/her unable to work,
- When an employee is terminated or has resigned from work or reached the age of retirement, the company-provided insurance will also terminate, leaving the employee dependent solely on the separation pay or retirement benefits.
- The insurance given as a benefit to employees is usually a renewable plan for as long as the employee is connected with the company. But it lacks the other components like:
- lifetime coverages until 88 or 100 years old
- lacks a savings component to grow the coverages and beat inflation
- lacks an investment component to take advantage of the compounded interest and other earnings to enjoy and withdraw either as fund value or endowments (pension-like) and dividends as funds to accumulate wealth or increase the life insurance or health protection coverage.
And the solution?
This is why getting personal life insurance is a must and the only financial tool your future self will thank you for.
Bear in mind that employment is not forever. The position you have now will be forgotten. How we treat others will be remembered.
But how you treat yourself now financially, shall determine the kind of abundance and financially-secured life you deserve with your loved ones.
Get a Sun Life personal life insurance quote online by sending me a message. All processes in Sun Life are online now.
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