Melanie Bakala, owner of Melanie Bakala State Farm Insurance offices in Lacey and Shelton, wants to make sure you are covered should something happen. “Life insurance at work is a great benefit,” she says, “but is it enough?”
Melanie encourages all of her friends, family and community members to take the time to sit down with an insurance agent and review what your employer-based life insurance policy covers. There may not be a need to purchase a supplemental policy through an outside agency, but you and your family deserve the peace of mind that comes with knowing exactly what your benefits look like in the event of your passing.
“We just want you to have a plan,” Melanie goes on. She starts meetings like this by asking, “Is the benefit amount enough?” Most employer-based plans offer right around $50,000. Depending on who you are, that may or may not make sense. “If you’re a 23-year-old single person, that might be okay,” Melanie explains. “If you’re one parent in a family of four, for example, that likely won’t be enough.”
She also says to make sure you know if the policy goes with you should you change jobs. You may find that when you change jobs or retire, the life insurance policy you’ve been paying for ends when you leave, and the cost of that policy may not make sense when you’re outside the group rate.
Experts often recommend 5 to 10 years of income replacement, meaning you’d need to multiply your annual salary by 5 and 10 to determine the size of the policy you’d need to invest in to adequately care for your family in the event of a sudden loss.
Another factor to consider is that life insurance is unlike auto insurance in that if you have a qualifying health event, such as the diagnosis of a major health condition, you may find that you can’t get coverage when you need it the most or that the cost will prohibitively high.
Why not rest easy? Make an appointment to sit down with Melanie Bakala or one of her friendly team members and review your employer-based life insurance policy. There is never any pressure or obligation to buy a policy from this team. They just want to make sure you and your loved ones have what you need to live with peace of mind!
To get a quote or make an appointment, call one of Melanie Bakala’s two State Farm offices. Thurston County residents can call the Lacey office at 360-972-7905 or request a quote on their website. Mason County residents can call the Shelton office at 360-426-2428 or request a quote on their website.