Additional Insurance Coverage: Do You Need Them?

Many companies offer their employees basic life insurance policies as part of their benefits package. While this is certainly a valuable perk, it’s important to remember that these policies may not provide adequate coverage in the event of an unexpected death. This is why it’s often advisable to get more life insurance on top of your company’s policy.

The basic policy provided by your employer may only cover a small percentage of your annual salary, which may not be enough to support your family if something were to happen to you. Additionally, these policies are often not portable, meaning that if you were to leave your job, you would lose your coverage.

By purchasing an additional life insurance policy, you can ensure that your loved ones will be taken care of financially in the event of your death. A personal policy can provide additional coverage beyond what your employer offers, and it’s often portable, meaning that you can keep your coverage even if you change jobs.

When considering a personal life insurance policy, it’s important to assess your needs and determine how much coverage is necessary to protect your loved ones. Consider factors such as your annual salary, outstanding debts, and future expenses such as college tuition for your children. A financial advisor can help you determine the appropriate amount of coverage for your specific situation.

In short, while your company’s basic life insurance policy is a valuable benefit, it may not provide enough coverage to fully protect your loved ones. By purchasing additional coverage, you can ensure that your family is taken care of financially in the event of an unexpected tragedy.

FITNESS INSPIRATION OF THE DAY – SAM V