Reviewing your financial plan during open enrollment season

Reviewing your financial plan during open enrollment season

For millions of Americans across the country, when the autumn leaves start to drop it means it’s open enrollment season.

Open enrollment season is a perfect time to review how your company benefits fit within your financial plan.

Here are three areas to consider as you walk through open enrollment.

Group life insurance

Many companies offer group life insurance to their employees as part of their benefits package, often with a death benefit equal to one to two times an employee’s annual salary.

While this is a generous company benefit, the amount of the death benefit may not be enough to cover final expenses and any other remaining debt under your name.

Also, keep in mind that in many cases you don’t “own” your group life policy. If you resigned or were terminated from your job, the group life insurance policy would likely not go with you.

This is a good time to think about your current debt, mortgage, family that you care for and the legacy that you would want to leave to see how much of it your group life insurance covers.

Disability income insurance

Similar to group life insurance, a company-provided disability income insurance benefit only pays if you are still employed with that company.

Typically, basic long-term disability insurance through an employer pays 50 to 60% of your base salary before taxes for a certain period.

If you were to get injured or come down with an illness and only received a portion of your salary, how long would you be able to pay your bills?

Retirement plan

Review your company’s retirement plan; if the company offers its employees a matching contribution, consider taking advantage of that perk.

If you are over age 50, you may want to take advantage of the catch-up provision and contribute an additional amount to your retirement plan.

It’s also a good time to review your portfolio choices and make changes, if needed, to align with your goals and objectives and age until retirement.

Next steps

Before your company’s open enrollment period ends, connect with a financial professional to help you determine the amount of life insurance and disability income insurance you need, as well as to review your retirement savings strategies.

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Products issued by issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Registered products distributed by Ohio National Equities, Inc., Member FINRA. Guarantees are based upon the claims-paying ability of the issuer. Disability income products not available in CA. Product, product features and rider availability vary by state. Issuers not licensed to conduct business in NY. Clients should consult their financial professional on all tax matters.