Employer provided life insurance only does so much. It has limitations. Death benefit is 1 to 2 times salary which does not go far. It’s provided as a benefit not a guarantee – what if you are laid off or switch jobs – will you be insurable at a reasonable price? There are several reasons you may want to buy your own life insurance policy.
Below are four big reasons to buy your own life insurance policy.
- Your job situation changes – laid off, moving from full-time to part-time or leave the company altogether.
- Time limit on coverage – you may lose your life insurance coverage if you continue working past a certain age or when you retire. This means you lose it when you need it most!
- It’s a benefit, not a guarantee – your employer can change or stop offering life insurance coverage without your consent, since the contract is between your employer and the insurer.
- Limited options – not tailored to your specific needs
Life insurance plans protect your family from the expenses they will incur in the unfortunate, but inevitable, event of your death. I may seem a bit morbid to think about your own passing and the toll, both emotionally and financially, it will have on your family. But death is a part of life. Flowers do not bloom without their eventual decomposition back into the earth.
Planning for your death might not be how you want to spend your Sunday but it is important. Relying on your employer for life insurance can leave you in a tough spot. By purchasing your own life insurance policy independent of your employer you eliminate the four risks explained above. While it may seem daunting to think 20, 30, 40, so on years into the future we are here to help. Contact us at Konen Insurance and we can help you buy a life policy that fits your own specific needs. We work with some of the top insurance carriers in the nation to provide the best quality insurance policies for our clients. Our goal is to make sure you and your family are taken care of no matter what life throws at you.