Is the life insurance you have at work enough? 3 ways to tell
Is the life insurance you have at work enough?
3 ways to tell
If you work full-time, chances are you have some life insurance through your employer — 75% of full-time workers in the U.S. have access to life insurance as an employee benefit and 98% of those workers are covered.1 But is it all the life insurance coverage you need?
Many people mistakenly think it is, even though they could benefit from having their own life insurance outside of work.
Here are three things to consider:
1. Is it enough coverage?
If your employer offers life insurance and you signed up for it, at least you have some coverage. That’s better than no coverage. But it might not be enough to give your family the funds they need to make ends meet if the worst happens to you.
Research shows that one of every three families would be in financial trouble in less than one month if they lost a primary wage earner — and the percentage grows to 70% within six months.2
You can help your family avoid this hardship by making sure you have enough life insurance to replace your paycheck as long as needed (for example, until the kids leave home or the mortgage is paid off).
Your employer may limit the amount of group coverage available to you, leaving you short.
2. You can’t take it with you.
Even if you can get enough coverage through your employer, that coverage may end before you want it to — and may end suddenly.
Group life insurance is an employee benefit that usually ends when your employment ends. Even if you’re going to a new job immediately, you may not be eligible for benefits right away — if the new employer offers it at all. And, if you lose your job to a lay-off, downsizing or firing — or if you retire — it might be awhile before you can replace the coverage.
If your strategy is to buy individual life insurance later, keep in mind, that your health, driving record and credit history must remain solid in order to qualify for it. Also, coverage generally costs more as […]
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