It’s great that you have a life insurance policy in place. But will you have the coverage if you quit your job, get laid off, fired, etc. ? Is the coverage adequate ? will it renew after a 5, 10 ,15 years and etc.? are there exlusions ?
While your employer’s life coverage is valuable, your own personal life insurance policy ensures control, flexibility and customization of your coverage. It provides a more comprehensive and reliable safety net for your and your loved ones.
The coverage provided through your group benefit at work is typically tied to your position at the company. Coverage may cease if you change employers or retire. However, there are certain exceptions such as some government jobs, unions, etc. The best practice is to always confirm your benefits limitations and length with that group provider.
Group benefits are typically a few times your annual income. With today’s mortgage rates, the volatile economy, and other factors that are out of our control, it’s crucial to have sufficient coverage through personal policies.
Life insurance should enable to choose the type of coverage, policy duration, benefit amount and more details that align with your unique circumstances and financial goals. It can’t be a one-size-fits-all theory. Therefore, purchasing your own policy will supplement the group coverage, filling gaps and providing a more comprehensive safety net.
