New job
Now that you have a new job, you’re probably going to have to make some decisions about employee benefits. Your new employer may offer you a pension plan, or a better healthcare package.
Retirement Plan
You may be fortunate enough to be working for an employer who has a group pension plan. Retirement insurance provides a benefit for your surviving dependants if you pass away unexpectedly. If you pass away prematurely, your partner will not be left with a reduced income or without any income at all. Retirement insurance can also help provide an income when you retire. Pension insurance premiums are usually paid for partly by the employer, partly by the employee. However, other forms of premium sharing are possible. Read the terms and conditions carefully and familiarize yourself with any limitations set out in the pension plan conditions. If it looks like your new employer’s pension plan may be inadequate, you can consider buying extra retirement coverage in the form of life insurance.
Healthcare insurance
Healthcare insurance is one of the most important benefits an employer can offer. If your new employer offers this benefit, it is generally recommended to accept it. A healthcare plan usually includes healthcare insurance for you, your partner, and your children. Depending on the healthcare plan offered by your employer, you will be immediately insured when you start your employment, or after your insurer has assessed your application. Ask your new employer for the terms and conditions.
ENNIA or your independent adviser would be pleased to provide you with personalized advice.