by Rich Schlueter, Vice President of Insurance and Planning,
Wealth Enhancement Group

During this difficult economic time, many people have lost their jobs or face the real possibility of unemployment. Something often lost sight of during this turbulent time is that while you may not be earning an income, your ability to earn an income continues to be one of one of your most important assets, if not your single most important asset. Continuing to protect that asset is as important during times of unemployment as it is while you are working.
 
If you are recently unemployed or are concerned about your future, there are a few things that you should consider related to the group benefits offered through your employer.
 
Disability Insurance
If you are unemployed, you will find that you are unable to purchase traditional disability insurance. While you are still working, is it important that you consider supplemental disability coverage. While you may be covered under a group plan, the benefits of the plan are most often inadequate. Buying privately purchased supplemental coverage will fill the gap, AND it is portable, so it will be in place should you become unemployed. While disability insurance will not pay a benefit while you are not earning an income, it will be in place when you do find employment. And while you will again be employed, there is no telling what, if any, disability benefits will be available through your new employer.
 
Life Insurance
If you become unemployed, your group life insurance will likely terminate. What most people are unaware of is that most group term life insurance policies allow for conversion to a permanent, privately held life insurance policy without evidence of insurability. If you have health issues, you should contact your human resources department for the details of any such program. If you are healthy, it is likely that private coverage obtained in the open market will be less expensive than group conversion options.
 
Health Insurance
Circumstances based on age, COBRA, employer-specific programs, etc., make any blanket observation difficult. With that said, Wealth Enhancement Group has partnered with an organization that exclusively provides health insurance solutions, and we would be happy to provide you with a referral.
 
If you have any questions or would like to discuss your particular situation with one of Wealth Enhancement Group’s insurance services professionals, please call 763-417-1672.