If you already have life insurance in Vancouver, WA through your employer, you may be tempted to just consider that as your main coverage. However, for most people, an employee’s life policy is not enough to adequately protect their loved ones and assets that they’ve worked hard to protect and achieve. For that reason, you may need more coverage by taking out your own policy.
Why You Should Get Life Insurance Outside of Work?
Your work’s life insurance policy is probably not enough. Group life insurance is broad and there’s no opportunity to customize your policy to your own needs. While your employer may offer you one or two times your salary, your family may need four or five times your income to get by financially. If you have sizeable debt, a family to support, and big future expenses, you will need another life insurance policy.
It will end when you leave the company. Most group life insurance policies are not portable when you leave your job. While you may have the chance to convert it into an individual policy, you’ll have to pay the premiums your employer previously covered. There’s also no guarantee that this is possible. You’re better off securing your own policy now so that you can have it through every career move.
With your own policy, you can add riders. Riders are additional terms and conditions that enhance your coverage for specific situations. There are riders that allow you to accelerate the death benefit in the event of illness, get an additional benefit for the death of a spouse or child, or add more coverage for accidental death.
Life insurance doesn’t have to be difficult. At Action Insurance Group, we work with you to find the right coverage for your needs – whatever your budget. Our life insurance experts are ready to get started. Contact us today for more information.
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