Open enrollment gives you a chance to change other insurance coverage or opt-in to programs your employer offers that can save you more money. Clearly, these things don't happen all the time -- so open enrollment is the great opportunity we all get every year. Use open enrollment as an opportunity to check out what your company offers first, because it might be your most cost-effective option. No matter what you choose, though, you'll want to look for term life insurance (very rarely does whole or permanent life insurance make sense -- and term life is much more affordable). Just like basic life insurance policies, your employer probably offers a simple, no-frills disability insurance policy that you can take advantage of.

Source: Forbes August 31, 2018 16:30 UTC