10 Oct Have Life Insurance Through Work? Ask These Questions About Your Coverage
Consider these questions when buying life insurance at work.
If you have a life insurance policy through work or are thinking about taking one out, there are some important questions to consider to ensure you’re getting the right coverage for your needs. Life insurance isn’t something you can just buy and hope for the best. Coverage should be tailored to your family’s needs and finances, allowing life insurance to step in to help when you are gone. Consider these questions when thinking about purchasing life insurance through your employer.
How much life insurance do I need?
Typically, the free coverage that is offered through your employer is only one- to two- times your salary. If you have debt and financial dependents, that is likely not enough coverage. How many years would you want to replace your income if you died tomorrow? Multiply that number by your salary and add enough to pay off debts and fund your children’s college, for example. If you’re single, have no dependents and no debts, you may get away with the minimum coverage.
Will it change as my life changes?
Over time, your salary might increase, your family may grow, and you may take on more financial responsibilities if you move into a larger house. Having a life insurance policy that changes with your lifestyle is important so that your needs are always met. Find out if your employer’s life insurance can be flexible.
Can I keep it if I leave the company?
Ask if the coverage is portable, which means you can take it with you if you decide to leave your job. You never know if your future employer will provide the same level of coverage, which is why taking out a personal policy of your own is a good idea.
A comprehensive life insurance plan can protect your family and wallet. If you need help securing a life insurance policy is best for you and your family’s needs, get in touch with industry professionals. Contact Kevin or Marci to get started on securing the right life insurance today!