Picture this: You land an exciting new job with great benefits: vacation time, health insurance, 401(k)… even free lunch once a week!
They offer group life insurance, too – two times your annual salary. That sounds like a lot, right? In many cases, it might not stretch as far as you think.
Let’s say you make $50,000 per year. A benefit of $100,000 can make a big difference to your family – for a while. But through the years, could it really go the distance to pay for expenses and reflect the legacy you want to leave for your family? Think about how far $100,000 could go to pay for these common needs over time:
Life insurance is, by its very nature, a deeply personal financial decision. When you rely exclusively on group coverage through work, you miss the opportunity to personalize your coverage based on your specific needs. Here’s why that matters.
See also: The Top 3 Reasons Why People Buy Life Insurance
The experts at Life Happens*, a nonprofit organization dedicated to educating the public on the importance of life insurance in financial planning, offer these four disadvantages of relying on your group insurance alone:
Individual life insurance plans can offer superior benefits, and regardless of your employer or employment status, you can tailor them to meet your individual needs and circumstances. Read the full article on the Life Happens blog.
You shouldn’t have to choose between your budget and your family’s security in the future. With flexible coverage options, we can help you build a policy that’s affordable now and adaptable later.See how different types of life insurance stack up, or request a free quote from your local ERIE agent.
*Life Happens does not endorse any product, company or insurance adviser.
ERIE life insurance products and services are provided by Erie Family Life Insurance Company (home office Erie, PA), a member of Erie Insurance Group, and are not available in New York.
This story was originally published in 2019.
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