Think twice before choosing any employee benefit plans 

If your employer offers the full suite of employee benefits, financial advisors suggest rethinking accidental death and dismemberment coverage, as well as some of the more esoteric plans for critical illness and cancer.

“I’m not a fan of supplemental plans for critical illness and cancer insurance,” Shebesta said. “For what you’re paying versus what you’re getting, they aren’t as impactful as long-term disability.”

Accidental death and dismemberment, or AD&D in industry parlance, shares some overlap with life insurance and disability. You get a payout in the event of death or a catastrophic injury in a severe accident.

But this coverage tends to be much more narrowly defined compared to life insurance. It might pay if you die in an accident, but it won’t pay if you die of an illness.

Similarly, cancer insurance pays in the event you’re diagnosed with the disease, but it’s no substitute for comprehensive health insurance.

“People have so many priorities, they need to optimize their dollars elsewhere,” Shebesta said.

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