If you are like most people, you have your life insurance policy through your job. While this is a good start, it is not enough coverage to protect your family in the event of your death. Here are five reasons why you need supplemental life insurance.
What Is Group Life Insurance?
Group life insurance is a policy that your employer buys for you. The coverage is usually one or two times your salary, with a maximum benefit of $250,000 to $500,000. This might sound like a lot, but it quickly becomes insufficient when you consider the financial obligations your family would face if you died.
5 Reasons You Need Supplemental Life Insurance
1. Your life insurance policy from work is not enough to cover your final expenses. Final expenses can include things like funeral costs, medical bills, and unpaid debts. If your family does not have the money to cover these expenses, they will be left with a financial burden.
2. Your life insurance policy from work will not replace your income. If you are the primary breadwinner for your family, your death will leave them with a loss of income. This could make it difficult for them to maintain their current lifestyle.
3. Your life insurance policy from work does not offer estate planning benefits. If you die without a will, your assets will be distributed according to state law. This may not be what you would have wanted.
4. Your life insurance policy from work does not provide for your family’s future needs. Your family will still need financial protection after you’re gone. They will need help with things like education costs, a down payment on a home, or starting a business.
5. Your life insurance policy from work will expire if you leave your job. If you switch jobs or retire, you will lose your coverage. This is not something your family should have to worry about when you are no longer with them.
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Recap: We Can Help You Find The Right Policy
A supplemental policy can help to fill the gaps in your coverage and provide financial security for your family. If you’re not sure what type of policy is right for you, SN Agency can help. We can work with you to find the right policy and provide peace of mind for you and your loved ones. Click HERE for a FREE QUOTE.
