Are You Making These Life Insurance Mistakes?

There are many common misconceptions about life insurance, which isn’t surprising given that over half of consumers don’t understand how it works. Many people overlook life insurance because they believe in some common myths or because they don’t think it’s important for their current stage of life. However, not having life insurance when they need it most can devastate peoples’ finances. The following are common misconceptions about life insurance.

Employer-Provided Insurance is Sufficient

This misconception is wrong on two counts. First, employer-provided life insurance is usually equal to one to two times the employee’s annual salary. Sometimes, employers provide the option to buy up to six times the employee’s salary, but most people will need up to eight times their income to provide for dependents. Some experts suggest 10-12 times their income.

Second, even if employers offer sufficient coverage, they often sever coverage when the employee leaves the company. This means the employee has zero coverage when they are likely older and less healthy than when they first started working for the company. Some companies have the option to convert the coverage to an individual policy, but this will cost the employee more than if they had obtained a policy on their own in the first place.

Only the Breadwinner Needs Coverage

Many married couples think that only the person bringing in the majority of the money needs life insurance. For example, they may assume the stay-at-home parent doesn’t need coverage because they don’t bring in any income. However, they provide numerous services that would otherwise cost money such as providing childcare, picking kids up from school, transporting children to sports practice, etc. Not only that, but the working spouse would want to take time off work to help his or her household adjust to their loss.

The Young and Single Don’t Need Life Insurance

Many people believe that if they aren’t supporting anyone (i.e. a child, spouse, or aging family member), then they don’t need life insurance. However, this is flawed logic. When an individual passes, there are expenses associated with it. The individual’s family must pay for a funeral, burial, remaining medical expenses, etc. A life insurance policy will help cover those costs. Plus, investing in life insurance at a young age means locking in much lower premiums.

These are just some of the most common myths surrounding life insurance. Unless you have enough income and assets to cover your expenses in the event of your passing, you need life insurance. The Reilly Group can help answer any questions you may have. Contact us today to learn more.

4 Surprising Challenges that Impede Construction Safety

Many construction dangers are obvious, such as large machines. However, several hidden perils cause injuries on a daily basis. Construction companies need to keep their construction workers safe, which often requires them to do more than enforce the minimum safety standards. The following are lesser-known construction safety challenges that construction companies need to address to limit injuries.

Shifting Weather Patterns

Construction workers prepare for expected weather hazards. For example, if there was a recent snowfall, they will likely clear the snow to expose hidden risks and take more care when navigating fall hazards like scaffolding. However, it’s a sudden change in weather that causes the most slips, trips, and falls. When a construction worker starts the workday with nice weather, he or she will take mental notes of surrounding perils. However, if the weather takes a sudden turn, constructions workers don’t always make the mental adjustment required. Their minds may remain in fair weather mode while their surroundings evolve and the hazards take new shapes and forms.

Skewed Opinion of Hazards

Bulky or noisy threats on construction sites rarely cause accidents for the simple fact that they are easy to see and hear. Construction crews are safest when they are aware of perils on the construction site. However, over time, experienced workers become complacent regarding smaller threats. These workers stop thinking about those risks because they are not obvious, which is when they become most susceptible to them.

Limited Time for Proper Safety Training

High turnover rates are common to the construction industry. Jobs are often short-term contracts and workers are always on the alert for future job opportunities. Unfortunately, this results in insufficient time to hold safety training beyond the bare minimum set by OSHA. The challenge here is construction companies have to do more than the minimum to ensure safety. This requires figuring out how to provide OSHA’s standard training as well as human error prevention training in a small window of time. Businesses that make safety training a priority will reap the most benefits in the forms of a safe and secure site and uninjured workers.

Disengaged Construction Crews

Construction workers have lives outside of their jobs. Family commitments such as attending their children’s sports games, weekend family trips, and more can weigh on worker’s minds. When construction crews focus on getting to after-work events on time, they may rush through their work. While the urge to finish the workday early is understandable, it can cause significant injuries on construction sites.

Construction sites are inherently dangerous, but construction companies don’t have to accept injuries as par for the course. The Reilly Company can help your construction business assess its risks and develop a plan for improving worker safety and reducing construction site hazards. Contact us to learn more.