Should You Buy Life Insurance from Your Employer?

insuranceA basic life insurance package is typically among the benefits offered by employers. This life insurance is for a small amount, usually equal with one year salary.  Also, most of the employers allow you to purchase more insurance and thus increase the coverage amount.  For some people this maybe a very good deal, but a thoroughly analysis will reveal that some disadvantages exist.

So, should you buy life insurance from your employer or not? We will present you immediately everything you should know about this. Also, we recommend you to search for a third party affordable life insurance quotes.

Accepting this low coverage life insurance might seem reasonable if you are single and you do not have any financial responsibility towards any dependent. This policy expires when you quit your job or you are fired. So, this can be problematic and can cause some troubles later. Let us imagine a scenario.

You have worked 20 years for the company, until retirement. In all that time you were insured only by the policy offered by the employer.  Since you retired, the policy is automatically cancelled and you will not receive any death benefits. That will leave you old and uninsured and we all know that senior citizens are having a hard time to get life insurance.  This is why you should also look for life insurance in other places than your workplace.  You should treat the insurance you have at work as an addition, not your primary insurance.

A reliable policy should cover all the needs of your family and should be at least 8 times your annual income.  We recommend you to do some research regarding various types of life insurance. Once you have decided which policy is the most suitable, get life insurance quotes.

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