I have life insurance through my employer. Is that enough?
It depends on how much life insurance you have through work, and how much life insurance you need.
You can use a life insurance needs calculator to quickly and easily determine how much total life insurance coverage you really need.
Usually, a life insurance plan through your employer will provide 1 times your annual income in coverage. So, if you earn $50,000 a year, you may have $50,000 of coverage. But this may vary by employer. And, you may have the option of increasing the coverage through your job by paying for the additional coverage yourself.
However, you may save money by purchasing the coverage on your own, outside of work. By comparing multiple life insurance quotes from several competitive insurers, you may find it very affordable to buy your own individual life insurance policy.
And, by purchasing your own policy, you'll guarantee you have coverage even if you lose your job and your benefits. You see, if you leave your job, lose your job, or the company goes out of business, your employer provided life insurance coverage will not be available.
However, if you leave your job you may be able to convert your group life insurance coverage into permanent life insurance of your own, but you would pay a higher premium for that coverage, than if you were to buy your own term life insurance policy.
