Is Life Insurance Through Work Enough?
As we begin a new year, many of us have already made our decision to get our health insurance and life insurance policies through our work. These are significant policies that cover us for doctor visits, prescriptions, and also protect us in case something terrible happens. We pay so much attention to the health-related policies; sometimes, we overlook one of the most important coverages you can have, Life Insurance.
Many of us have a life insurance policy through our employers. Which is typically inexpensive and payroll deducted. Out of sight, out of mind, right? We feel protected and happy knowing that it’s there in case we need it.
But is it enough?
A big misunderstanding that we see today is that having work provided life insurance by itself is enough protection for an entire household. Too often, we find that most work policies don’t even cover the balance of the mortgage. Much less leave the surviving family members the ability to continue their lifestyle.
This misunderstanding is why it’s essential to have a life insurance policy outside of work.
A private policy can help you cover the cost of the mortgage, childcare costs, and college tuition. It could even safeguard the family against any debts you may have.
A common misconception we see is that these policies are expensive. In Actuality, Life Insurance rates are at a 20 year low, and thanks to new programs, you could qualify for an excellent policy at an affordable price.