Obamacare & Life Insurance: Will You Lose Your Coverage?
Gary Lardy @
There has been plenty of talk about how Obamacare will impact health insurance but what about life insurance?
Many Americans depend upon their employer for both health insurance and life insurance protection. As we learn more about the financial implications of Obamacare, particularly on small business owners, it’s becoming apparent that many will be forced to drop health and life insurance benefits altogether. In fact, a 2012 survey from consulting firm Deloitte found that a whopping 9% of employers plan to end health insurance benefits, over the next 3 years, as the new healthcare law takes effect. The survey of 560 U.S. companies also found that 81% plan to continue providing coverage and another 10% are undecided. Of those surveyed, smaller organizations were the most likely to say that they will be dropping coverage; 13% in companies of 50-100 employees compared to 2% in those with a workforce of more than 1,000. What does this tell us? Small businesses nationwide will find it difficult to continue providing insurance protection to their employees, a move which has many Americans feeling a bit uneasy.
Get the Protection You Need Today
As you look to the future and consider the implications you will face if your employer chooses to drop your benefits, we urge you to consider your life insurance coverage. Though we always encourage consumers to purchase supplementary life insurance, in addition to the protection provided by their employers, we know that many Americans depend solely on their employer provided life insurance. If you fall into this category now is the time to lock in coverage.
For more details on why employer provided coverage might not be enough, be sure and read this recent post:
Why Employer Provided Life Insurance Might Not be the Right Choice
Term Life Insurance – An Affordable Alternative
Term life insurance is the simplest and most affordable form of life insurance protection. A term life insurance policy provides a death benefit, for a predetermined amount of time, at a fixed rate. In fact, you may be surprised to learn just how affordable a term life insurance policy can be. Rather than sitting idly by and waiting to find out what will come of your employer provided life insurance coverage, why not lock in a low rate on a term life insurance policy today?
Interested in learning more about your term life insurance options? Request a quote today. Allow one of our licensed agents to help you review your coverage options. While you’re here we also encourage you to follow our blog. Learn about trends and events that directly impact your family’s financial well being.
Be sure and check out these related posts:
Life Insurance Rates: Why Now is the Time to Buy
What Happens to a Level Term Life Insurance Policy After the Term Expires?
Do you fear that your employer will drop your health and/or life insurance?
How much life insurance should you buy to protect your loved ones? Watch our short video to learn more:
A leading online life insurance agency since 1997, IntelliQuote provides customers simplified, private access to compare, shop and buy life insurance online, including term life insurance quotes. IntelliQuote offers clients a wide selection of competitive products from A-rated carriers, supported by licensed agents. This simplified approach makes purchasing a policy easy and straightforward while providing a savings of up to 70% per policy. IntelliQuote is a member of the LIFE Foundation and is committed to ongoing consumer education. For information on how to estimate how much coverage an individual might need, contact www.intelliquote.com, or 888.883.6855.