Do General Motors Retirees Need Life Insurance?

More than 60% of Americans who feel 'very' or 'extremely' knowledgeable about life insurance are covered. However, less than 20% of those who say they lack knowledge about life insurance have life insurance. If you work for General Motors and are contemplating retirement, you must consider whether life insurance is a necessary asset for retirees. Prior to making any commitments, those who are interested in life insurance can receive free price quotes from their preferred insurer. Since 2010, the number of Americans who believe they do not have sufficient life insurance has more than doubled, despite the variety of options and ease of obtaining coverage. When deciding whether or not life insurance is necessary for retirement, the following factors must be considered by General Motors employees.

Financial Dependents:

• Regardless of age or employment status, it is imperative for General Motors employees with financial dependents to protect them. In the case of a retiree with a spouse and children who depend on their retirement income, an active life insurance policy could be of great benefit. Nearly half (44%) of American households would experience significant financial difficulties within six months if they lost their primary wage earner. More than one-fourth (28%) would reach this point within one month. With a policy in place, the insured's dependents would not suffer economic hardship in the event of their demise; the income would continue to be received. 70% of Americans with life insurance indicate they would still feel financially secure in the event of the death of the primary wage earner. However, only about half of uninsured Americans indicate they would be financially secure in this situation. Moreover, despite the prevalence of life insurance, having a policy does not necessarily equate to adequate coverage. More than 100 million Americans are either underinsured or completely uninsured, according to estimates. Taking this into account, General Motors employees seeking coverage should then determine how much life insurance coverage is required. The answer to this question depends on your standard of living, your monthly contributions, and your overall financial situation. The ideal situation would be to have sufficient life insurance to replace lost income due to death. Despite this, General Motors employees must recognize that purchasing insurance extending beyond this scenario is an option, making you responsible for determining which coverage meets their needs.

Outstanding Debt:

• The purchase of life insurance should be a top priority for General Motors employees with outstanding debt transferable to beneficiaries upon death. Approximately 40% of Americans will leave a financial burden to a loved one upon their passing. In the event of your untimely demise, life insurance would relieve your beneficiaries of their financial obligations. For instance, if you have a mortgage loan, you would want to purchase a policy that allows you to pay off your debt. If you owe $100,000 on your home and cannot pay it off with your income, you may wish to purchase coverage at least equal to that amount. By doing so, General Motors employees can ensure that their families will not be responsible for the mortgage balance in the event of their death.

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Savings:

• Life insurance may serve as a supplement for General Motors employees who have not amassed a sizable inheritance fund for their beneficiaries. The option to purchase a policy worth hundreds of thousands of dollars for less than $100 per month may appear attractive given that savings are not limited to cash account balances. Before purchasing insurance, General Motors employees should conduct research on the benefits, limitations, and price ranges to avoid overpaying and being understaffed.

The answer to whether or not insurance is necessary for General Motors employees varies on an individual basis. If you have dependents and beneficiaries, applying for life insurance can provide a source of income for them after your death. Purchasing life insurance would relieve your loved ones of financial obligations that would have otherwise been passed on if you are indebted. In the event that you are unable to amass a sizable nest egg for your heirs, a life insurance policy could be an effective alternative. Whether they purchase coverage or not, General Motors employees who are uncertain about a decision may benefit from seeking professional financial advice. By contacting The Retirement Group, you can receive a free cash flow analysis that will assist you in determining which option best meets your requirements.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

General Motors offers a defined benefit pension plan for both salaried and hourly employees. GM also provides a 401(k) plan with company matching contributions.

General Motors offers RSUs to its executives and eligible employees. RSUs vest over a three to four-year period, promoting long-term performance and alignment with company goals.

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• 
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• 
  Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
• 
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For more information you can reach the plan administrator for General Motors at 1 general mills blvd Golden Valley, MN 55426; or by calling them at 1-800-248-7310.

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*Please see disclaimer for more information

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Articles Relevant to General Motors Employees

• Corporate Employees: 8 Factors When Choosing a Mutual Fund
• Use of Escrow Accounts: Divorce
• Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
• Stages of Retirement for Corporate Employees
• 7 Things to Consider Before Leaving Your Company
• How Are Workers Impacted by Inflation & Rising Interest Rates?
• Lump-Sum vs Annuity and Rising Interest Rates
• Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
• Corporate Employees: Do NOT Believe These 6 Retirement Myths!
• 401K, Social Security, Pension – How to Maximize Your Options
• Have You Looked at Your 401(k) Plan Recently?
• 11 Questions You Should Ask Yourself When Planning for Retirement

• Corporate Employees: 8 Factors When Choosing a Mutual Fund
• Use of Escrow Accounts: Divorce
• Medicare Open Enrollment for Corporate Employees: Cost Changes in 2024!
• Stages of Retirement for Corporate Employees
• 7 Things to Consider Before Leaving Your Company
• How Are Workers Impacted by Inflation & Rising Interest Rates?
• Lump-Sum vs Annuity and Rising Interest Rates
• Internal Revenue Code Section 409A (Governing Nonqualified Deferred Compensation Plans)
• Corporate Employees: Do NOT Believe These 6 Retirement Myths!
• 401K, Social Security, Pension – How to Maximize Your Options
• Have You Looked at Your 401(k) Plan Recently?
• 11 Questions You Should Ask Yourself When Planning for Retirement

General Motors Business Information

• Revenue: 6010.7
• Profit: -381.3
• Number of Employees: 22500
• Sector: Retailing
• CEO: Matthew Furlong
• Stock Ticker: GME
• Market Cap: 12716.6

General Motors Contact Information

• 625 WESTPORT PARKWAY, GRAPEVINE, TX, 76051
• (817) 722-7581
• https://www.gamestop.com