Many Nebraskans are just receiving their open enrollment insurance information now. Wading through that paperwork can be time consuming. Peter Colis is the CEO of Ethos says unfortunately many people overlook the section on life insurance. He says that can be a make it or break it time for many Nebraska families.
Colis says, “About five percent of kids in America will lose a parent before the age of 18. The unfortunate reality is about 70% of families in the U.S., if they lost a bread winner, would be in financial ruin within three months.”
Another fact is more than 30 percent of employees report they received no benefits education or guidance from their employers or benefits companies when it comes to selecting what policy is right for them. Millions of hard working people get left behind without having proper coverage.
Colis says life insurance isn’t for everyone. He says younger people have fewer responsibilities and may not need this benefit. Colis says the right time to consider getting a policy is if you have a spouse or partner, a parent dependent on you or if you have children.
Colis says always take advantage of your employer sponsored life insurance. Often times the employer will subsidize that policy. The drawbacks include a limit of amount of insurance you can get and you can’t take it with you when you quit. That is a concern as people tend to leave jobs more often. He says employer offered life insurance is a good start but not the comprehensive solution.