Speak with an experienced advisor! 212-573-5563Why Do Union Workers need Life Insurance?
Life Insurance for electricians is necessary to protect your family in the worst-case scenario. Every individual has their own unique primary reason he or she has life insurance on themselves but some of the most common reasons individual state they have life insurance are to leave an inheritance, to pay off debts and other expenses, to add more financial stability to their financial plan, to bring peace of mind, you’re planning on starting a family, your job is high risk, you support your family financially, among many other reasons.
What do Electricians Do?
Electricians install and maintain all of the electrical and power systems for our homes, businesses, and factories. They install and maintain the wiring and control equipment through which electricity flows. They also install and maintain electrical equipment and machines in factories and a wide range of other businesses.
Electricians generally focus on either construction or maintenance, although many do both. Electricians specializing in construction primarily install wiring systems into factories, businesses, and new homes. Electricians specializing in maintenance fix and upgrade existing electrical systems and repair electrical equipment. Electricians usually start their work by reading blueprints – technical diagrams that show the locations of circuits, outlets, load centers, panel boards, and other equipment. After determining where all the wires and components will go, electricians install and connect the wires to circuit breakers, transformers, outlets, or other components and systems.
When installing wiring, electricians use hand tools such as conduit benders, screwdrivers, pliers, knives, hacksaws, and wire strippers, as well as power tools such as drills and saws. Later, they use ammeters, ohmmeters, voltmeters, harmonics testers, and other equipment to test connections and ensure the compatibility and safety of components. Maintenance electricians repair or replace electric and electronic equipment when it breaks. They make needed repairs as quickly as possible in order to minimize inconvenience. They may replace items such as circuit breakers, fuses, switches, electrical and electronic components, or wire. Electricians also periodically inspect all equipment to ensure that it is operating properly and to correct problems before breakdowns occur.
Are there Electricians Unions?
Yes, there are unions for electricians. One of the biggest of such unions is The International Brotherhood of Electrical Workers (IBEW). The IBEW is a union of 750,000 members, the IBEW is the largest organization of electrical workers in North America. Our members work in nearly every part of the economy: construction, utilities, telecommunications, broadcasting, manufacturing, railroad and government. Formed in 1891, we have earned our reputation as the oldest, largest and most professional electrical union in the world. We are on the job at construction sites, power plants, factories, offices, shipyards, TV studios and rail yards.
Group Life insurance vs individual life insurance?
Group life insurance for electricians can be beneficial because it features: Income tax-free death benefit, minimal or no medical underwriting, and the potential to add additional coverage for dependents. However, it can be a one-size-fits-all type of policy. Depending on the plan, the amount of coverage may be fixed, you probably can’t choose the insurer and the type of policy is limited. You typically get the same policy as any co-worker in your company. Working with your financial professional, you can apply for individual life insurance protection that gives you the amount of coverage necessary to help protect your family.
Group life insurance for electricians might not be ideal because coverage is tied to your job. If you leave your job, you may not be able to take the policy with you. This is often referred to as the policy’s portability. You might be able to convert your group policy to individual life insurance if you leave, but the cost could go up significantly. If your next job doesn’t offer group life insurance, you could buy an individual policy from the open market. However, the cost of life insurance typically increases as you age, and you never know if you might develop a medical condition that could seriously raise your rates.
Limited choice. Coverage through work tends to be a type of term life insurance, and employers typically only work with one carrier. Therefore, you won’t find the range of policy options that you might find outside of work. If you’re looking for a more complex product like whole life or universal life, you should consult a financial advisor.
Low coverage amounts. You might not be able to buy as much life insurance as you need through your employer, as coverage amounts vary and can be low. If you need more coverage, you might want to buy an individual term life insurance policy instead of — or in addition to — your basic group life policy.
Individual Life insurance for electricians
In contrast, individual life insurance for electricians may be the better options for those looking for: an individual policy that is owned by you, unmatched rate stability, life insurance that lasts into retirement and up to age 100, death benefit that does not reduce due to age, coverage on children and grandchildren without having a policy on yourself, can be continued even if you leave your employer
What can you do?
If you have any questions regarding your financial situation or what type of life insurance policy is correct for you and your family please reach out to a financial profession to get tailored advice to your unique situation.
