Hey there, Candice Freese with Citizens Alliance Agency here! Let’s talk about life insurance and how important it is to protect your family.
Life insurance provided through an employer's benefit package can be a valuable perk, but whether it's enough depends on several factors, including your personal financial situation, family needs, and the coverage amount offered by your employer.
Here are a few things to consider:
Coverage Amount: Employer-provided life insurance policies often offer a benefit amount that's a multiple of your annual salary (e.g., 1x, 2x, or 3x your salary). You'll need to assess if this amount is sufficient to cover your family's financial needs in the event of your passing.
Additional Needs: Consider any outstanding debts, mortgage, education expenses for children, and other financial obligations. If the employer-provided coverage doesn't meet these needs, you might want to look into purchasing additional life insurance.
Portability: Some employer-provided life insurance policies are not portable, meaning if you leave the company, you lose the coverage. It's important to know if you can take the policy with you if you change jobs.
Cost: Employer-provided life insurance is often a low-cost or even free benefit, but if you need more coverage, you might need to purchase a separate policy, which will come with additional premiums.
As you are reviewing your benefits during the open enrollment period, ask yourself, is this enough life insurance for my needs?
At Citizens Alliance Agency, we care about you, and your future. If you’re interested in learning more about life insurance and how it can help your loved ones, feel free to give me a call 320-847-2307 or send me an email at cfreese@citizensallianceagency.com
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