Many employers offer full-time employees a small amount of life insurance at no cost through their group policy, but what you may not be aware of is the ability to possibly increase this coverage. If your employer does offer life insurance as a benefit, you may also have the option to purchase additional coverage for a relatively low cost.
For example, if your employer automatically provides base coverage for 1 times your annual salary, you may have the option to purchase up to 5 times or more coverage without the need for a medical exam. In many cases this may result in an additional premium of only a couple extra dollars deducted from your paycheck. This may be cheaper than going out and purchasing your own individual policy.
During your employer's open enrollment period, take a look at the life insurance coverage offered, if any. If you have been considering adding more life insurance coverage, this is a good time to see what your employer can offer, and compare it to what it might cost to obtain elsewhere.
For more information about life insurance:
For example, if your employer automatically provides base coverage for 1 times your annual salary, you may have the option to purchase up to 5 times or more coverage without the need for a medical exam. In many cases this may result in an additional premium of only a couple extra dollars deducted from your paycheck. This may be cheaper than going out and purchasing your own individual policy.
During your employer's open enrollment period, take a look at the life insurance coverage offered, if any. If you have been considering adding more life insurance coverage, this is a good time to see what your employer can offer, and compare it to what it might cost to obtain elsewhere.
For more information about life insurance:
If your employer is giving you anything for free I say take it. But I’m not sure I would buy additional insurance through my employer. I may be able to get it cheaper but what happens if I lose my job? What happens to my policy? Just a question you’d certainly have to answer before making a commitment.