Relying solely on your workplace life insurance coverage may leave your loved ones under protected. Many professionals assume that the group policy offered by their employer is all they need, but in most cases, that coverage is just a starting point, not a complete solution.
Here’s what you need to know:
- Coverage is often limited. Most employer-provided plans offer a benefit of 1–2 times your annual salary. That might sound like a lot, but when you factor in mortgage payments, debt, education costs, and day-to-day expenses, it falls short quickly.
- It’s not portable. If you leave your job, retire, or become self-employed, you typically lose that coverage. This can leave a significant gap at a time when replacing it may be more expensive due to age or health changes.
- It doesn’t reflect your full needs. Your financial obligations are unique. Group life insurance doesn’t take into account your family size, plans, or long-term goals.
Personal life insurance offers long-term security. It stays with you regardless of your employment status and can be customized to meet your needs. You can choose a term or permanent policy, set the right benefit amount, and lock in your rate while you’re still young and healthy.
Bottom line: Group life insurance is a good benefit, but it’s not a full plan. If your loved ones depend on your income, it’s time to explore additional coverage.
Want help evaluating your life insurance needs? Contact Professional Insurance Programs at 800-637-4676 or info@profinsprog.com.