Why You Should Have Life Insurance Outside Of Work
But if you fear you.
Why you should have life insurance outside of work. Your employer may not offer enough 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. If your employee benefits include group life insurance you might be wondering whether you should have life insurance outside of work.
The biggest reason to buy life insurance outside of work is so that you do not lose the life insurance when you leave your place of employment. More protection is often better and for some employees there are major advantages. This is not to say that you should not take advantage of the group life insurance plan offered by your employer.
While basic employer provided life insurance is low cost or free and you may be able to buy additional coverage at low rates your. Once the term is up you will have the option to renew your policy often at a higher rate. It s a common perk.
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. If you have life insurance through your work you should still buy your own life insurance policy. Eighty five percent of companies offer group life insurance benefits to employees according to a 2018 report by the society for human resource management.
You likely receive some kind of life insurance at work. As the saying goes never have all of your eggs in one basket and that s absolutely true for life insurance. 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.
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