For many people in the working world, the onset of fall means it’s benefits election season: time for employees to review and choose from among the workplace benefits offered by their employer.
Known as the “open enrollment period,” this annual window for employees to evaluate and select benefits offers an excellent — yet often overlooked — opportunity for workers to maximize their on-the-job compensation by taking advantage of the voluntary benefits available to them, whether it’s certain forms of insurance or less traditional benefits such as wellness incentives, identity theft protection, or even pet insurance.
Most people don’t blink when it comes time to reach into their pockets to pay for health insurance, homeowners insurance, auto insurance or even short-term disability or life insurance coverage because they see value in paying an insurance company to help protect them financially from the risks they face in going about certain key aspects of their lives.
But depending on personal and professional circumstances and needs, it also may make sense to consider other lesser-known but valuable forms of insurance, beyond the obvious types of policies you may already own. These frequently overlooked insurance products provide people with much-needed coverage in areas where they may be vulnerable, often for a relatively modest price.
Below are a handful of insurance products worth considering. Before you invest in any of them, be sure to visit with a financial and/or insurance professional with the expertise to assess your insurance needs and recommend appropriate types and amounts of coverage. “It’s important to have a thorough conversation with an insurance expert so you know what you have and what you need,” explains Brian Kuhn, a certified financial planner with Fulton, Md.-based PSG Clarity, a division of Planning Solutions Group. Visit the Financial Planning Association’s national database at www.PlannerSearch.org to find a Certified Financial Planner™ (CFP®) in your area.