Employers generally provide a host of financial benefits to their employees. Some of these benefits include:
- Group health insurance – This is very often a big draw for accepting employment since group health insurance provided by the employer has a decent coverage amount, includes pre-existing diseases and conditions, does not have lengthy waiting periods, covers family (spouse and kids), covers parents, and often covers in-laws too as an alternative to parents. Best of all, this insurance is FREE and the insurance premium is very often not included in your cost-to-company breakup. Can’t get better right?
- Group life insurance – This is often included by employers and is typically set to an amount equal to one-year’s worth of cost-to-company. The higher your pay grade the better the coverage. Again, this insurance is FREE and the insurance premium is very often not included in your cost-to-company breakup. Again, can’t get better right?
- Group accident insurance – This too is often included by employers and is typically set to an amount equal to one-year’s worth of cost-to-company. The higher your pay grade the better the coverage. Permanent Total Disablement, Permanent Partial Disablement, and Temporary Total Disablement are typical scenarios covered. Again, this insurance is FREE and the insurance premium is very often not included in your cost-to-company breakup. Gets better and better right?
- Employee Stock Options (or ESOPs) – Employers often hand out stock-options about a year into your tenure at the company. The grants are electronically signed and countersigned as proof of record.
Now, while the benefits are great, have you actually taken time to document them somewhere? Or, is it just lying around somewhere in your email inbox or in some folder on some shared drive or in some online insurance account none of which your family has any idea of much less being able to access it in an emergency?
Suppose you have a medical emergency and your family has no clue at all about that health insurance provided by your company? What are they supposed to do?
In the most unfortunate scenario of your death, does your company know whom to contact in your family? Flipping it, is your family even aware of that group life insurance which can provide a substantial financial benefit in that very time of need?
How about those stock-options? Does your family know how to access them and exercise them?
You get the picture right?
If your objective is to ensure that your family is prepared to handle any emergency then it is your duty to document every financial benefit that is provided by your employer and make it securely accessible to your family.
At sthana.ai, we encourage you to take action right away. Our smart software comes preloaded with intelligent wizards and advisors that guide you on this journey. Come let us prepare our families for a financially secure future.