As your independent insurance agent, I understand how much peace of mind comes from protecting your loved ones in case you unexpectedly pass. And while your employer may offer group life insurance coverage as part of your benefits package, it’s important to know it may not be enough to fully protect your family.
Here are some reasons why group life coverage may be insufficient:
- Limited coverage – Group life insurance policies typically provide limited coverage, often equal to one or two times your annual salary. You may need more to cover your family’s expenses, especially if you have a mortgage, children’s education expenses, or outstanding debts.
- Termination of coverage – Group life insurance coverage usually terminates when you leave your employer, retire, or become ineligible for coverage. This means that your family may not have life insurance coverage if you leave a job or retire.
- Lack of control over coverage – Group life insurance policies are often designed by the employer and may not take into account your individual needs and financial situation. If you have a large family, provide care for aging parents, or have special medical needs, you may not have the coverage you need to fully protect your family.
If you don’t already have personal life insurance coverage, I strongly recommend that you consider additional life insurance coverage to supplement any group life insurance coverage. You can choose the coverage that best fits your needs and budget, and you’ll have peace of mind knowing that your family will be protected no matter what.
If you have any questions about a policy you currently have in force or would like to learn more about additional life insurance coverage, please don’t hesitate to reach out.
