Many of us take life insurance for granted. If your employer offers it to you, it’s probably something that you never stopped to review. If you don’t have it as an employee benefit when was the last time you reviewed your coverage.
Consider if these statements apply to you
You have life insurance and the coverage is sufficient: In many cases, employer-offered life insurance coverage is anywhere from one to three times your salary. If you earn $40,000, having up to $120,000 of life insurance may seem like a lot of protection? But, stop to consider how far that money would go. If your family needs your salary of $40,000 each year, to help ends meet, what will they do after year three?
Think about all your current expenses: rent or mortgage, health care, utilities, college for your children – the list goes on. As you can see that policy for $120,000 won’t go very far.
It’s a work-related benefit: Just because your employer is offering life insurance now, doesn’t mean in the future.
Your status changes: If you only have employer-provided health insurance, but the coverage is dropped what will you do if you have chronic health condition? You might not be able to get coverage or the premiums could be prohibitively high. Or, what if you change jobs and the new employer doesn’t offer life insurance as a benefit?
In most cases group life insurance is not portable. That means you can’t take that coverage with you when you leave a job. Buying an individual policy prevents this problem because it’s something you own.
What does all this mean? It’s great to have employer-provided life insurance, but don’t stop there. Especially, if you have a family. Consider how much peace of mind an individual life insurance coverage can mean for your family.
Use an online calculator like the Life Insurance Needs Calculator to get a rough idea of how much life insurance makes sense for you. Then, gives us a call and let’s talk about your life insurance options.