Should I Get Life Insurance Through Work? Is It Enough?
Should I Get Supplemental Life Insurance Outside of Work?
Getting life insurance through your employer may be better if you applied for a personal life insurance policy outside of work and have been declined. There are many life insurance options in the marketplace, and chances are you can find a better policy.
Owning your own private life insurance policy is peace of mind. It’s in your control. You don’t need to worry about staying with your employer to keep your coverage.
Pros of Private Life Insurance
Generally cheaper over the life of the policy, especially for healthy people
Leaving your employer doesn’t affect your coverage
You can lock in rates for a period of 10 years up to your lifetime
You have more coverage amount options
Cons of Private Life Insurance
You need to go through underwriting
There’s a chance you may be declined
Work with an independent life insurance broker to find a policy outside of work. Brokers have access to multiple life insurance companies, which gives you the best chances of finding affordable coverage, especially if you have health issues.
Owning private term life insurance is the best option if you have a family or other dependents. You can choose from various coverage options to ensure your life insurance needs are covered.
Term lengths range from 10-40 years, and coverage amounts range from $50,000 to tens of millions. Term life insurance rates are fixed— unlike group life insurance options, these rates won’t change.
A term life insurance policy is an affordable way to provide backup financial protection for your family. Should you die unexpectedly, the death benefit can cover your debt, replace your income, and ensure your family’s standard of living isn’t negatively affected.
Use our term life insurance calculator to determine how much coverage you need.
Get a Term Life Insurance Quote from Quotacy
If you have people who depend on you, your basic group life insurance through work isn’t enough to ensure your family is adequately protected.
Apply for an individually-owned life insurance policy outside of work. If your health status prevents you from being approved, buy supplemental voluntary life insurance through your employer.
Learn more about buying life insurance wisely or get an instant term life insurance quote. Quotacy is an independent life insurance broker, and our non-commissioned agents will help you find the right coverage at the best rates.
