Should You Have Life Insurance Outside Of Work
This became most evident during a conversation of someone seeking life insurance through me.
Should you have life insurance outside of work. You likely receive some kind of life insurance at work. 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. 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. Even if you have life insurance through work you should give serious consideration to getting a private policy on the outside.
The very first reason that you need life insurance outside of work is that it only lasts as long as you are employed. 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. 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. As the saying goes never have all of your eggs in one basket and that s absolutely true for life insurance.
Your employer may not offer enough life insurance. These are all very important considerations when determining if you should have your own life insurance policy separate from the group coverage through 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. How much you ll get.
It s a common perk. People who have life insurance through their work. Once the term is up you will have the option to renew your policy often at a higher rate. While basic employer provided life insurance is low cost or free and you may be able to buy additional coverage at low rates your.
Reasons to buy life insurance outside of work ownership you own the policy and it goes with you no matter where you work. If you have life insurance through your work you should still buy your own life insurance policy. 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.
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