If I Already Have Term Life Insurance Through My Employer Does It Make Sense To Buy More?

Ross Quade | General | 12 Jan, 2016 | No Comments

Already have term life insurance coverage through your employer?


If so, you’re probably wondering whether or not that coverage is enough. After all, does buying additional coverage actually make sense or could your hard earned dollars be better spent elsewhere? Like so many insurance questions, there is no simple answer here. Every individual is in a unique situation, thus, no single perfect answer exists.


However, there are a few key things to keep in mind that may make this decision a bit easier.


SEE ALSO: 5 Things To Keep In Mind As You’re In The Process Of Purchasing A Life Insurance Policy


Reasons to Consider Additional Coverage

Why opt for additional life insurance coverage? Discover 4 of the most common reasons below.


1.) Coverage is Insufficient

One of the most common reasons to invest in additional coverage beyond what your provider offers is simply because the coverage you currently have is insufficient. After all, it is not uncommon for many employers to provide relatively minimal coverage. So while you may have some coverage, it may not be enough, particularly if you are on a group life insurance plan. Opting for coverage outside of your employer can be a wise choice to make sure that the ones you love most are truly covered.


2.) Chance of Losing Coverage

Let’s face it, being uninsured is not a situation anyone wants to find themselves in. And while you may have coverage through your employer currently, what if you were to get laid off or even change jobs entirely? Although you may have no intentions to leave your current line of work, it goes without saying, the future is far from certain. Investing in additional coverage can be a smart move to ensure that you’re always covered, even if you were to lose your job or change careers,


3.) Policy doesn’t Cover Spouse

Although many couples make the assumption that one spouse with coverage is sufficient, this is rarely the case. With the costs of living along with childcare steadily on the rise, more often than not, both spouses need to plan on investing in a policy. After all, if something were to happen to your spouse, would you be prepared to return to work immediately? While you absolutely not spend a fortune on coverage, leaving your spouse vulnerable is not exactly a wise move either.


SEE ALSO: Does My Spouse Also Need Life Insurance Coverage?


4.) Maximize Policy Value

Assume that your employer has the best possible rates? Think again. While many employers offer the luxury of convenience, that does not necessarily mean that going through your employer will guarantee the best rates. In fact, in many cases, it is far cheaper to find a policy outside of your employer. Depending upon your age and health, you may be able to lower your costs substantially, particularly if you are young and healthy. However, regardless of age, it is always a wise idea to explore your options first before ever signing a policy.


Where to Find Coverage?

Now that you have a better idea about why you may want or need additional coverage, you may be curious about what to do next.


After all, is there an easier way to find the best rates from the best providers? Or, are you doomed to search online forums and individual providers for hours on end to find the answers you need?


Luckily, this is where TermLifeInsurance.com can help. We make comparing quotes easy and hassle-free. In fact, we don’t even require any personal information to get started. Simply type in your zip code in the search feature located at the top of the page and begin comparing term life insurance quotes instantly.

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