Is life insurance through work enough?

A woman in glasses wonders if her group life insurance through work is enough coverage to meet her needs

Life insurance through work—also known as group life insurance—is much like guaranteed issue life insurance and is a popular benefit offered by many employers that works similarly to an individual policy. While group life insurance through work can be an affordable start to creating a financial safety net for your loved ones, it often can be limited in coverage. In this article, we’ll help you figure out if your life insurance through work is enough.

When Group Life Insurance is Not Enough

While group life insurance is typically easy to qualify for, it often doesn’t provide the amount of life insurance coverage most people need. Group plans are limited in their coverage options, and relying solely on this policy could cost you in the long run. 

Life insurance through your employer also only covers you while you’re still an employee at that company. If your next employer doesn’t offer life insurance, purchasing your own policy could be your only option. With the cost of life insurance rising as you age, not only will it likely be more expensive, but it also can be difficult to obtain coverage in general. 

Benefits of Purchasing Your Own Life Insurance Policy

Purchasing your own life insurance policy, especially a term life insurance plan, can give you flexibility in both price and coverage. If you have coverage through your employer, purchasing an individual life insurance policy along with your employer coverage can help you meet your coverage needs. 

Let SelectQuote find the right life insurance policy for you today. 

Most people have no idea how much life insurance they need, but our life insurance calculator will give you a headstart. Let us help you find the right life insurance coverage for you.

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