The Best Place To Find Financial Products And Services

November 10, 2015

My cousin is the ultimate bargain hunter. If you are looking for that amazing combination of value and quality, she is your woman. She can find the $5,000 vacation for $1,000 or the $500 coat for $69.99. She came to me excited because she found an amazing deal on life insurance. She has been searching for months with no luck and finally went to a financial advisor who gave her the cheapest quote she had gotten so far.

You may be wondering why she did not ask me. I may have mentioned this in prior blogs but I suffer from P.B.S., “Powdered Butt Syndrome.” This means that you have practically no credibility with anyone that has changed your diaper as a baby, which she did. As she told me about the quote, I told her that she did not go to the best place to bargain shop for products and services.

When she asked where that place was I told her it was her employer. The #1 place to find the best financial products and services is typically through your employer. Your insurance policies are priced as a group, which means you can take advantage of the bulk pricing based on a large group to get a good deal on policies such as:

Life Insurance: You can usually get a certain amount of life insurance through your employer without proof of insurability, and additional coverage without a medical exam, which is especially helpful for someone with health issues. Many have found this coverage to be inexpensive. Even better, many policies allow you to continue the coverage after your employment ends. You can contact your HR department to find out if your insurance policy is portable. The cost after you leave your employer may be higher, but some may find it cheaper than getting an individual policy, especially those with health issues.

Long Term Care Insurance: Long-term care insurance through an employer is usually cheaper than buying it individually. It is usually the best deal for someone who has prior health issues and may be ineligible for individual coverage. Many find this to be a cost effective way to get insurance that may otherwise be unaffordable.

Premiums on average do not go up as much with group policies as they sometimes do with individual policies. Many employers offer long term care insurance to spouses, which may be helpful for spouses with health issues. Similar to life insurance, many employers allow you to take the policy with you if you leave or retire.

Disability Insurance: Your employer is typically the most cost effective way to get disability insurance. You can typically get the insurance without a medical exam, which is required for an individual policy. People with a pre-existing condition would generally benefit from a group policy. Disability insurance may be portable but the cost might go up if you leave. For some, particular those with pre-existing health conditions, keeping the disability policy after leaving an employer may still be cheaper.

The best place to look for financial products and services often begins in your own backyard, through your employer. As a general rule of thumb, keep your human resources department’s number handy as you shop for insurance. You never know how much you can save.