A job change usually gets evaluated through salary, role, commute and career potential. Your benefits deserve a place on that list too.
Employer benefits can include life insurance, disability coverage, health and dental benefits, accidental death coverage and optional employee-paid protection. Some benefits may end when employment ends, while others may have conversion or continuation options subject to plan terms and deadlines.
Start with four questions
- What coverage ends with the old employer? Review the benefits booklet or plan summary rather than relying on memory.
- When does the new coverage begin? A waiting period or eligibility date may create a temporary gap.
- How different is the new plan? Compare amounts, definitions, maximums and who pays the premiums.
- Do you already have personal coverage? Personal insurance may continue independently of employment, subject to its policy terms.
Disability coverage deserves special attention
Two workplace disability plans can look similar while using different waiting periods, benefit maximums, taxable-benefit treatment or definitions of disability. Those details can affect how much income protection the plan may provide.
A job change does not automatically mean you need to buy something
The purpose of the review is to understand the transition. If your new workplace benefits, personal coverage and financial resources appropriately address your needs, that may be the right conclusion.
A good next step is simply to put the old and new benefit summaries side by side and identify what changed.
Information is general and educational. Product features, tax treatment and suitability depend on individual circumstances and applicable terms.
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