Many people opt to purchase life insurance from their employer because the money is taken out of their paycheck, and they won’t miss it. It also will remain in place for as long as they are on the job. The problem is this type of policy may not provide the level of coverage you need. You need to evaluate your needs and adjust your coverage in whatever way is necessary. This article will guide you on whether you need to purchase additional life insurance coverage along with the one provided by your employer.

Insurance Coverage From Work May Not Always Be Enough

If you have a family to support and debts that must be paid, the life insurance policy you have through work may not be enough to take care of all your financial obligations. Insufficient coverage may result in financial hardship for your family if there is not enough money left over after your bills are paid. You will need to talk to your company’s human resources manager to find out how much the death benefit is and if you may have the option to increase it in the future. You should get a life insurance policy outside work anyway to top the current one.

What Happens to Your Work Insurance Plan If You Lose Your Job?

You will need to consider what could happen if you lose your job. Many policies have the option to allow you to keep your life insurance policy if you renegotiate the premium amount. Other policies may just close out if you lose your job. This essentially means that the policy will lapse as soon as your employment ends. This can cause you a few issues if you don’t have a secondary policy in place before the first one lapses.

What Happens to Your Insurance If You Get Sick?

It’s also important to ask yourself what will happen if you get sick while you are still employed. There are many diseases that will make it difficult for you to get life insurance coverage to replace your old policy. If you happen to lose your job and the policy you have through your employer, you may not be able to get a new policy due to a pre-existing condition. Buying an additional policy before you get sick will make sure you are covered no matter what health conditions arise in the future.

The Benefits of Buying An Additional Life Insurance Policy

There are several benefits to buying an additional life insurance policy to supplement the one you have through your employer. Not only will this take into account any health conditions that occur while the policies are in place, but it will also ensure that you have sufficient coverage to protect your family if the unthinkable should occur. A supplemental life insurance policy can also be used to take care of emergencies while you are still alive. With the right type of policy, you can maintain your own financial security.

Life insurance is a necessity if you plan on being able to care for your family if something should happen to you. Our insurance professionals at Young Insurance are available to go over any existing life insurance policies you may have and find a supplemental policy that will fill in any gaps that may exist. This will ensure you have sufficient coverage no matter what may happen in the future.