Ryan Brady
speaker
41 appearances
1 recordings
1 series
first heard Nov 2024
last heard Nov 2024
Ryan Brady’s voice in public audio — every appearance, attributed to the second.
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Yeah, sometimes you do. If you just purchase a small amount of additional coverage, you likely won't have to do any sort of medical screening. But if you want to get a lot of supplemental coverage, you may be asked to do a medical exam or at the very least fill out a simple health questionnaire. And depending on how that goes, there's a chance you actually might be denied coverage.
Yeah, so that's really the big downside to all this life insurance coverage you get through work is that when you part ways with your employer, you typically part ways with your group insurance coverage too. However, some policies may allow you to convert a group life insurance policy into an individual policy when you leave your job, but the price could go up quite a lot from there.
So I wouldn't count on that as an option. And then you have to think about, you know, what if your next employer doesn't offer group life insurance? You may end up needing to buy your own policy anyways. So if you think you need life insurance, it may be better just to buy your own policy now is what I would say.
Yeah, that's absolutely right, Liz.
Yeah, there's a few things that could happen. With most life insurance policies, including supplemental group life insurance, companies can actually deny a claim if you take your own life. So this suicide clause typically will last two years after getting the policy.
And then your claim may also be denied if your insurance company finds that you gave false information on your application or health questionnaire as well. So, for example, if you said you don't smoke, but your insurance company later discovers you died from a smoking related illness, it can actually deny or delay the payout to your beneficiaries.
Again, there's generally a two year window after getting your policy where they can do that. And insurance companies do this to reduce the risk of fraud. But the good thing is with basic group life insurance, they typically don't have those provisions. So your survivor should get a payout regardless of how or when you die.
So you could probably guess what I'm going to recommend at this point, but I'd say it's generally better to get your own individual life insurance policy if you think you need more than what your company's free basic group coverage offers today. And that's because of all the reasons I kind of mentioned already. An individual policy is yours, right?
So it lets you maintain coverage even if you change jobs. And as we mentioned, term life insurance is actually surprisingly affordable for a lot of people. Not only that, but getting your own policy gives you way more flexibility. You know, you could shop around with lots of providers and customize a policy that better matches your needs.
But with a company group life insurance policy, you're generally stuck with whatever options they have available. However, supplemental group life insurance can actually be a big benefit if you're older or have health conditions and only need life insurance for a limited time. So if that's the case, then getting supplemental coverage may be your best bet.
Just remember, if you change jobs, your next employer may not offer supplemental coverage, or if they do, they may have different options or limitations to their plan. So just keep that in mind.
Yeah, so accidental death and dismemberment insurance, often called AD&D, but not to be confused with Dungeons and Dragons, is actually quite interesting. It's a sort of hybrid life insurance and disability policy, but it's not nearly as comprehensive to replace either one of those. So AD&D has two distinct parts to it.
It's got that accidental death part, which provides a payout to your loved ones if you die in an accident, such as a car crash. Then there's the dismemberment part, which pays you if you suffer an injury that results in you losing a limb or becoming blind or paralyzed. And every AD&D policy is different and covers more or less situations, but those are kind of the broad basics.
And in terms of workplace benefits, AD&D is similar to basic group life insurance. You know, your workplace often gives it to you for free, and it typically has a coverage amount of one to two times your salary. So you probably already have basic AD&D coverage through your workplace as long as you've signed up for it.
But like group life insurance plans, you may be able to buy more AD&D coverage through your workplace. And this might be useful if you think you're prone to accidents, like if you have a slightly risky job or a risky hobby, let's say.
Yeah, so there's some overlap there. For example, accidental death and dismemberment insurance won't pay your survivors if you take your own life. And other common exclusions include death or injury from drug or alcohol abuse, criminal behavior, or natural causes. And I mentioned risky jobs and hobbies a second ago.
It's worth noting that some AD&D policies will actually exclude coverage for deaths resulting from certain high-risk careers or hobbies, such as working in law enforcement or going skydiving. So if you're an adrenaline junkie, you might run into some issues there.
Another thing worth pointing out is that if you die from an accident but not right away, your loved ones may actually not get any payout at all. A, B, and D policies often require the death to have followed a covered accident within a certain timeframe, typically a few months.
Yeah, so that's a great point. I'd say it's better to think of AD&D as a supplement to life insurance rather than a substitute. And that's because it's very limited in what it covers. For example, AD&D insurance won't cover deaths from illness or natural causes.
And that's pretty significant given that the chances of dying from an illness are actually greater than the chances of dying from an accident. But if you have it for free through work, hey, that's pretty great, right? It's a nice bonus. I just wouldn't put all my eggs in that basket, especially if you have loved ones who depend on you financially.
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