Most of us are fortunate enough to have employee benefits via the organization we work for however how many of us really know the details? If you were to fall sick, how much of would you be covered for? Would you be covered if you had to spend time in hospital?

As a first step, it’s important to understand what you have access to via your employer rather than wait for an unfortunate event or incident when it’s too late. Way to often employees only discovers their benefits when an event happens to take place!

There are many avenues to educate yourself. You can proactively seek out your Employee Benefits manual or ask your HR and attend employer communication sessions on these matters. You don’t need to be and shouldn’t be complacent; there are no excuses!

Once you understand your benefits you should be involving your loved ones in the conversation, so they too are aware of what’s in place and can have some peace of mind.

Then it’s important to appreciate your own personal situation, and what risk management requirements you must better appreciate the gaps that may exist. You are then able to take some action to enhance your employer’s coverage by taking out complimentary, additional cover.

Health care costs can be expensive in many countries and often what you have access to via your employer can fall short compared to what you may need given your personal circumstances if something was to happen. Likewise, life Insurance requirements are different from individual to individual, given each’s person circumstances. Typically, life cover for 2-3 times salary may not be enough for your loved ones, particularly if you are the main breadwinner and something was to happen early in your career.

Knowledge is power. Once you understand what you have and what you have access to via your Employer you can take into consideration your personal situation and take some action to plan effectively.

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