I Have Life Insurance Through Work. Isn’t That Enough?
Picture this: You land an exciting new job with great benefits: vacation time, health insurance, 401(k)… even free lunch once a week!
They offer group life insurance, too – two times your annual salary. That sounds like a lot, right? In many cases, it might not stretch as far as you think.
Let’s say you make $50,000 per year. A benefit of $100,000 can make a big difference to your family – for a while. But through the years, could it really go the distance to pay for expenses and reflect the legacy you want to leave for your family? Think about how far $100,000 could go to pay for these common needs over time:
Private student loan debt
Mortgage or rent payments
Utilities, groceries and other costs of living
Life insurance is, by its very nature, a deeply personal financial decision. When you rely exclusively on group coverage through work, you miss the opportunity to personalize your coverage based on your specific needs. Here’s why that matters.