Many of us receive life insurance from our work, and it may be cheaper to go that way but there may be reasons to buy supplemental life insurance.
Here are a few reason why:
Not Being Sufficient – Your employer may not offer much life insurance that will meet your needs. If your death would be a financial burden on your loved ones, health insurance experts often do recommend that you obtain coverage worth five to ten times of your annual salary.
Not Being Portable – You could end up losing your coverage when you change jobs. You typically lose the life insurance coverage, if you are heading into a new job, it may offer coverage, but might not be as good as you think it would of been. The lack of portability is particularly problematic as we age. It’s because of the older workers we were less likely to be able to qualify for an individual policy.
Carrier Rates – With employer-sponsored life insurance you don’t get to choose the provider. It could very well be possible that the insurance carrier that your company has chosen has lower ratings that you would like. Which will risk the possibility of the insurance your paying for won’t be available when you need it.
Being Prepared – Certainly it is wise to take advantage of the free life insurance that is offered by your employer. You may want to supplement it with insurance from other sources. To be sure you can ensure yourself, purchase a life insurance policy when you’re younger and so it’s less expensive.
Contact Brazelton Insurance Group and speak with an agent today to see what best fits your needs.