Adding a Spouse to an Employer Sponsored Insurance Policy
Usually, when you're adding a spouse to an employer sponsored insurance policy, it's because there has been a major life change either in living conditions or employment status. For example, if your spouse has lost or quit their job, then they may no longer have access to the life insurance protection they once had in place. In order to make up for this gap in coverage, then you may be considering adding them to yours and simply paying the difference out of your paycheck each time. You can determine if this is a possibility by contacting the employer provider to see what qualifications your spouse must meet in order to be added to this plan.
Open Enrollment Periods
There is a time of the year where open enrollment allows people to make any kind of changes are planned, even a different sort of policy or increased coverage after a promotion. However, there are exceptions to this because you may have a child or get married at a different time of the year. These plans allow you to make changes to your coverage so that your family members are taken care of us as soon as possible and they don't have to wait for the next few months to come around before changes can be made. Of course, you also want to be sure that any policies they may have had lingering with other companies have either been canceled or cashed in so there is no overlap between providers.
Most providers allow you to start the process of changing your coverage through simple contact methods and then there is of course paperwork to follow up. Whether this paperwork is on hand with your employer or if it needs to be sent directly to you, each of these situations is easy to use and will not take a lot of time. Once they have your signature on the proper documents, they can then add your new spouse to the coverage in whatever form you desire. If you are changing your beneficiary, then you also need to fill out a beneficiary designation form to include their name. This particular step is important because if you don't fill out this legal document, then there may be issues that need to be settled in court later if something does actually happen to you.
Increased Regular Payments
When you are going to add someone to your life insurance, of course your rates will go up slightly. You can get a better idea of how much this amount will be by talking with your broker before the process is actually completed. This will help you budget for future expenses and determine how much compensation will be purchased that fits in with your plans. If there are different coverage amounts that you can choose from, then perhaps you may want to revise your original selection to make it more financially feasible. This will reduce the amount that you bring home so you need to make sure that all your other bills will still continue to be paid on time consistently.
Anytime you make a change to your life insurance policy, such as adding a spouse to an employer sponsored insurance policy, you want to keep a copy of every form you fill out. While they will have the documentation on hand, you should also keep a backup in case something happens and there are questions. Having this in a file nearby may keep you from having to make a phone call every time you have a minor question about coverage or particular circumstances that are included.