Should I buy life insurance even though I have some through work?

Asked by Steven

4 Answers

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Answered by Amber Lidskin, Insurance Agent in Gold River, CA
I would definitely consider insurance outside your job. The main reason is if you lose your job, and perhaps your health takes a turn for the worse, you would have a difficult time getting insurance privately if you still needed it. Also, insurance from your job most times is a one or two years of your annual salary; If you needed more coverage to protect your family for longer than one or two years, a private plan in conjunction with your coverage at your job may be able to give you and your family peace of mind. | 09.15.15 @ 19:26
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$commenter.renderDisplayableName() — {comment} | 12.09.16 @ 20:03
Answered by Larry Gilmore, Insurance Agent in Marysville, WA
I guess you have to ask who actually owns the policy through work? If the boss decides tomorrow to cancel the group life plan, would you still have insurance? If the answer is no, wouldn't it be smart to carry some life insurance that is under your control? | 03.03.16 @ 07:46
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$commenter.renderDisplayableName() — {comment} | 12.09.16 @ 20:03
Answered by Jed Maslowski, Insurance Agent in Scottsdale, AZ
Short answer. Absolutely.

You never know if you are going to stay with your employer, and you never know if your employer will keep their life insurance benefits in place.

I always think of employer-offered life insurance as "bonus" life insurance. Great to have, but you should always have self-owned coverage (ie. coverage that is not offered through an employer) in place as well. | 04.11.16 @ 23:05
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$commenter.renderDisplayableName() — {comment} | 12.09.16 @ 20:03
Answered by Dave Bradley, Investment Manager (Financial Advisor) in North Charleston, SC
Hi Steven,

As others have indicated:
1. You need to have ownership or control of the policy
and
2. The life insurance needs the flexibility to meet your needs now and in the future.

It's not what you make, It's what you keep that determines your lifestyle | 04.12.16 @ 03:18
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$commenter.renderDisplayableName() — {comment} | 12.09.16 @ 20:03
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