Life Insurance is a great benefit to have from your employer, and it is a benefit that is regularly afforded to many millions of American Workers! The amount of your employer-provided policy is usually determined by the amount of your salary—but commonly this is not enough to cover the expenses and debts of most people’s families.
Life Insurance from your employer has many benefits, from its cost all the way to how most employer’s Life Insurance will not require a medical exam. There’s no legwork with these plans and they usually just require you to sign a few forms. But you have to know that most families will need about 10-15 times your annual income to provide a stable future—while an employer’s Life Insurance policy might only be 1-3 times your annual salary.
With a separate policy along with your employer’s, you can cover this gap in coverage. Your family can live with the peace of mind that they will be taken care of if anything were to occur. Another thing to consider too is that your separate policy will not be affected by an employer’s decision to drop it, or if you ever lost your job. It might be worth it to give your agent a call to review your current employer policy as well as what other options are available to you!