Should You Have Life Insurance Outside Of Work
It s up to you to work out if this policy is enough to cover your needs and whether or not you need an additional life insurance policy.
Should you have life insurance outside of work. People who have life insurance through their work. It s a common perk. The reason you should never only rely on life insurance at work is that you could lose your job or decide to change jobs and once you do that you lose that life insurance policy. If you have an employee package that includes death in service benefits this will cover you for a multiple of your salary and you might not need additional life insurance.
If you have substantial life insurance needs such as many dependents you might consider buying an individual policy and supplementing it with life insurance through work. Stay alive and a standard term life insurance plan has zero return start a 20 year term policy today and if you don t die by 2040 you ll have received nothing. How much you ll get. Once the term is up you will have the option to renew your policy often at a higher rate.
These are all very important considerations when determining if you should have your own life insurance policy separate from the group coverage through work. Now that we have reviewed what life insurance is and the difference between term and whole life insurance you are probably wondering why you need life insurance outside of work. Eighty five percent of companies offer group life insurance benefits to employees according to a 2018 report by the society for human resource management. Term life offers the lowest rates and provides coverage for a certain time period like 10 20 or 30 years term life insurance policies have no cash value and your beneficiaries only receive a payout if you die during that term.
As the saying goes never have all of your eggs in one basket and that s absolutely true for life insurance. You likely receive some kind of life insurance at work. The very first reason that you need life insurance outside of work is that it only lasts as long as you are employed. Your employer may not offer enough life insurance.
If you have life insurance through your work you should still buy your own life insurance policy. If your employee benefits include group life insurance you might be wondering whether you should have life insurance outside of work. Even if you have life insurance through work you should give serious consideration to getting a private policy on the outside.
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