Life insurance for Alphabet employees is a benefit, but it might not be enough and can be taken away without notice. If the breadwinner of a family were to pass away, the death benefit from Alphabet life insurance would be insufficient to cover all costs.
That’s why it’s important for employees of Alphabet*, the parent company of Google, to have an individual life insurance policy in addition to their employer-provided coverage.
In this blog post, we will discuss the benefits of having individual life insurance and why it’s important to have coverage that goes beyond what your employer provides.
FOR EASIER NAVIGATION:
- What Are The Drawbacks Of Employee Life Insurance From Alphabet?
- What Are The Life Insurance Benefits Of Alphabet Employees?
- Is Alphabet Life Insurance For Employees Enough?
- What Happens To Your Alphabet Life Insurance If You Leave Alphabet?
- Why Do Alphabet Employees Need Individual Life Insurance?
- What Are The Benefits Of Individual Life Insurance?
- What Are The Different Types Of Individual Life Insurance?
- Which Type Of Individual Life Insurance Is Right For Me?
- How Can Funeral Funds Help Me?
WHAT ARE THE DRAWBACKS OF EMPLOYEE LIFE INSURANCE FROM ALPHABET?
Here are the drawbacks of your employment life insurance from Alphabet Inc.:
- Insurance coverage will terminate when you leave Alphabet – If you leave Alphabet for any reason, your life insurance policy will not go with you, and you will be left uninsured. This can be a problem if you have a family to support and are the primary breadwinner.
- Limited death benefit – The death benefit from Alphabet life insurance is limited to three times the annual income. If the breadwinner of a family passes away, the death benefit would likely be insufficient to cover all costs.
- Out-of-pocket cost for supplemental life insurance – While Alphabet offers some supplemental life insurance coverage, this coverage is typically out-of-pocket. This can be a deterrent for many employees who are trying to save money.
- Subject to exclusions and limitations – Alphabet life insurance may have some exclusions and limitations that you should be aware of.
- Alphabet can terminate life insurance coverage anytime – While this is rare, it does happen. If Alphabet decides to terminate the life insurance policy, you will be left without coverage.
WHAT ARE THE LIFE INSURANCE BENEFITS OF ALPHABET EMPLOYEES?
- Alphabet, the parent company of Google, provides basic life insurance to its employees worldwide.
- Alphabet’s basic life insurance is equal to three times its base income, including commissions to a maximum of $2,500,000.
- Alphabet also allows employees to enroll in supplemental life insurance to provide additional coverage for themselves and their families.
IS ALPHABET LIFE INSURANCE FOR EMPLOYEES ENOUGH?
Financial experts recommend having ten times your annual income in life insurance coverage.
For example, if you make $100,000 annually, you should have $1,000,000 in life insurance coverage.
Alphabet’s basic life insurance only provides three times your base income, which falls short of the recommended amount.
The employer-provided life insurance from Alphabet is not enough if the primary breadwinner of a family were to pass away. Breadwinners should have enough life insurance to let their families enjoy the same standard of living they did before their death.
WHAT HAPPENS TO YOUR ALPHABET LIFE INSURANCE WHEN YOU LEAVE ALPHABET?
When you leave your job at Alphabet, your life insurance coverage will end, and you will be left uninsured unless you have purchased an individual life insurance policy from a company like Funeral Funds of America.
When you leave Alphabet, you will not be able to convert your life insurance policy into an individual life insurance policy.
You may be able to purchase a new life insurance policy through a company affiliated with Alphabet, but it will be more expensive than if you had maintained continuous privately-owned coverage.
The dangers of being uninsured are significant. You will be uninsured unless you purchase an individual life insurance policy to replace your Alphabet-provided life insurance.
WHY DO ALPHABET EMPLOYEES NEED INDIVIDUAL LIFE INSURANCE?
Alphabet employees need individual life insurance because employer-provided life insurance is not enough.
The death benefit from Alphabet life insurance would be insufficient to cover all costs if the primary breadwinner of a family were to pass away.
If you are an Alphabet employee, ensure you have enough life insurance to protect your family. They are counting on you.
Individual life insurance can provide the coverage you and your family need in case of an unexpected death.
Alphabet employees should buy individual life insurance policies even if they have employer-provided life insurance because the coverage is insufficient.
WHAT ARE THE BENEFITS OF INDIVIDUAL LIFE INSURANCE?
Individual life insurance policies through Funeral Funds of America offer many benefits for employees, including:
- Portability – An individual life insurance policy stays with you even if you leave Alphabet.
- Flexibility – You can choose the coverage amount and the beneficiaries of your individual life insurance policy.
- Greater coverage amounts – Individual life insurance policies can provide more coverage than employer-provided life insurance.
- Customizability – You can tailor an individual life insurance policy to fit your needs.
- Affordability – Individual life insurance policies are often more affordable than employer-provided life insurance.
- Not cancellable – Your employer can cancel your life insurance policy anytime, but an individual life insurance policy cannot be canceled.
- Simplified underwriting – Individual life insurance policies have simplified underwriting, which means you can get coverage without having to undergo a medical exam.
WHAT ARE THE DIFFERENT TYPES OF INDIVIDUAL LIFE INSURANCE?
There are two main types of life insurance:
TERM LIFE INSURANCE
Term life insurance is temporary coverage that expires after a certain period, usually five to 30 years. When the term ends, the coverage ends, and you are no longer insured.
Term life insurance is the most affordable insurance to supplement your employer-provided life insurance from Alphabet.
WHOLE LIFE INSURANCE
Whole life insurance is permanent coverage that does not expire. As long as you pay your premiums, your coverage will continue until you die. Your premiums are fixed, and your death benefit is guaranteed.
Whole life insurance is more expensive than term life insurance because it covers you for your entire life. It also has a cash value component that builds up over time.
WHICH TYPE OF INDIVIDUAL LIFE INSURANCE IS RIGHT FOR ME?
The type of individual life insurance you need depends on your stage of life and your coverage needs.
If you are young and healthy, term life insurance may be the right choice because it is more affordable than whole life insurance.
If you are older or have health problems, whole life insurance may be the better choice because it guarantees your life coverage.
No matter what type of life insurance you choose, ensure it meets your needs and provides the coverage you need for yourself and your family.
HOW CAN FUNERAL FUNDS HELP ME?
Funeral Funds is an independent life insurance agency that can help you find the right life insurance policy for you and your family.
We are not affiliated with any life insurance company, so we can shop around and find the best policy for you at the most affordable price.
We can help you compare different life insurance policies and choose the one that is right for you.
If you are an Alphabet employee, contact us today to find out how we can help you get the coverage you need.
So, if you are looking for life, burial, cremation, funeral, or final expense insurance, fill out our quote tool on this page to get a quote, or call us at (888) 862-9456 to know more information about employee life insurance.
*This website is not endorsed by, directly affiliated with, maintained, authorized, or sponsored by Alphabet Inc. The use of any Alphabet trade name or trademark is for identification and reference purposes only and does not imply any association with the trademark holder of their product brand.
Alphabet is a registered trademark of its original owners, and Funeral Funds of America declares no affiliation, sponsorship, nor any partnerships with any registered trademarks unless otherwise stated. Contact your Alphabet benefits administrator for more information if you have any questions about your company benefits.
The information on this website is provided for informational, educational, and entertainment purposes only, and all information in this article is subject to change without notice.