Many people rely on their employer-provided life insurance policy as their only source of coverage. However, there are a number of reasons why it's a good idea to have a life policy outside of work as well.
Portability
One of the biggest advantages of having a life policy outside of work is that it's portable. This means that you can take it with you if you change jobs. With employer-provided life insurance, if you lose your job, you lose your coverage.
Control
When you have a life policy outside of work, you have more control over the terms of the policy. You can choose the amount of coverage, the type of policy, and the premium. With employer-provided life insurance, you're limited to the options that your employer offers.
Flexibility
Employer-provided life insurance policies are typically term policies, which means that they have a set term of years. Once the term expires, you have to renew the policy or your coverage will lapse. With an individual life insurance policy, you can choose a term policy or a permanent policy. Permanent policies, such as whole life and universal life, offer lifelong coverage and can build cash value over time.
Choice
When you purchase a life policy outside of work, you have more choice when it comes to the insurance company. You can shop around and compare rates and policies from different companies. With employer-provided life insurance, you're limited to the options that your employer offers.
Cost
The cost of life insurance can vary depending on a number of factors, including your age, health, and the amount of coverage you need. However, in general, the cost of individual life insurance is comparable to the cost of employer-provided life insurance.
If you're looking for a comprehensive life insurance policy that's portable, flexible, and affordable, it's a good idea to consider purchasing a life policy outside of work.
Additional Considerations
In addition to the factors mentioned above, there are a few other things to consider when deciding whether or not to get a life policy outside of work.
- Your financial situation: If you have a lot of debt, or if you're the sole breadwinner for your family, it's important to have enough life insurance to cover your debts and your family's expenses.
- Your future plans: If you're planning to have children, or if you're planning to retire early, you'll need to make sure that you have enough life insurance to cover your future expenses.
- Your health: If you have any health problems, you may have to pay a higher premium for life insurance. However, it's still important to have some coverage, even if it's not as much as you would like.
If you're not sure how much life insurance you need, or if you're not sure what type of policy is right for you, talk to us at Community Insurance Solutions LLC. We can help you assess your needs and find the right policy for you.
