I was called by our HR department to review my latest health insurance information for the new year. They like to confirm everything is correct before the new policy begins. She checked off my information and then asked, ‘Is your beneficiary the same for your life insurance policy? We haven’t reviewed that in a few years.’
‘Life insurance policy?’ I asked.
‘Of course. I have your husband listed. Is that OK?’ she asked.
‘I’m sorry. Remind me. How much is this life insurance policy?’
Click. Type. Click. Pause.
‘We have a policy on you for $98,000.’ She started rattling off the salary ratio that determined that amount and explained how it changed with each increase in pay, and I stared at the floor, trying desperately to remember when I signed up for insurance… and how I was paying for it.
As if reading my mind, she pulled my application from her files and showed it to me.
There is was, the policy I signed up for on my very first day… and paid for by my company.
Of course, I called my husband to share about the unexpected policy and he said, ‘Well yeah hon, I have one at work too. It’s like $50K or something.’
Well, I guess we’re a little over insured. Something to keep in mind when deciding on additional insurance – know how much you already have!!
I think that no matter what we do it will be important to get a variety of quotes from the Internet to compare.