But I already have Life Insurance through work

Throughout my career, I’ve often heard people say, “I’m good, I have coverage through work.” Well, it’s terrific if your employer provides life insurance – if it’s free, it can be a great benefit. However, does it effectively fulfill your life insurance needs? Workplace policies usually cost more as you age and they’re rarely portable when you switch jobs. This means, when you leave your job, you might not have any coverage at all. Many workplace policies barely cover burial costs – a shocking fact when you consider how much life insurance you need to provide for your loved ones beyond those costs.

I had a client who opted for his workplace policy, thinking it would be cheaper than an individual policy. But within five years, he was paying more through work than he would’ve had he been on his own. And then, of course, a health problem arose. Changing policies with a job change would’ve been prohibitive, leaving his family overpaying and underinsured. So, they were stuck. When choosing the right life insurance at your workplace, there are several considerations.

So, I urge you to do yourself, your loved ones, and me a favor. Get your workplace policy reviewed by an expert unaffiliated with your employer. They can help you understand how to choose life insurance, as well as the kinds of life insurance available.

And if you opt for your workplace policy, don’t just accept the standard premium. Use tools like life insurance calculators and professional resources to help you find the right fit. You want to be able to provide your loved ones with decent coverage – or even better, get an extra, often cheaper, supplemental policy outside of work.