Open enrollment is your once-a-year opportunity to choose the benefits that help protect what matters most—your health, your finances, and your family. Whether you’re planning for the future or looking for financial planning comfort today, knowing your options now can make all the difference later in life.
Why Life Insurance Matters at Any Age
Life insurance isn’t just for older generations. It’s a key part of a smart financial plan. It provides a financial safety net for your loved ones if something were to happen to you, helping with costs such as funeral expenses, mortgage payments, or the everyday cost of living. And with some options, you can lock in a lower rate when you sign up earlier in life.
Whole life insurance, for example, offers the added benefit of building cash value over time. Policyholders with insurance policies in good standing can access funds by borrowing against their policy’s value, helping to manage other larger expenses.
Breaking Down Your Options
Want to better understand what options offered during open enrollment might be best for you? Here is an overview of examples of life insurance coverage that may be available (note that your options may be different based on what your company may have):
- Whole Life Insurance: Provides lifelong coverage with rates that won’t go up. It also builds cash value over time that you can borrow against or use if needed. Common for those seeking insurance for long-term financial planning and guaranteed coverage.
- Basic Life Insurance: Provides your beneficiaries with money that can help keep your family financially secure when you pass away.
- Group Voluntary Term Life: Offers additional coverage beyond basic life insurance to help with expenses, and you can also purchase coverage for your spouse and dependents.
In addition to life insurance, there are other kinds of insurance that may also be available during open enrollment:
- Accident Insurance: Provides extra financial support for unexpected events—helping cover out-of-pocket costs like medical appointments, ambulance rides, ER visits, physical therapy, and urgent dental work that regular health insurance may not fully cover.
- Critical Illness: Offers a lump-sum cash payment if you’re diagnosed with a covered condition, regardless of your health insurance. You can use the funds to cover everyday expenses like rent and groceries, travel for treatment, home care support, or medical costs not covered by your plan.
- Disability Insurance: Safeguards your income if an injury or illness prevents you from working. It provides regular payments to help cover essential expenses like rent or mortgage, groceries, utilities, car payments, your children’s needs, and healthcare costs—giving you financial peace of mind when you need it most.
Choosing the Right Coverage for Your Life
Life insurance can be confusing, and it’s typical to have questions about what kind of coverage may be a fit for you and your budget. Every individual and family has unique needs, so it’s important to speak with your HR department or company’s benefits representative to help you explore your options and find the coverage that suits you best during this enrollment season.