Among the best moves that you can make to safeguard the well-being of your family after you pass away is purchasing life. If you are lucky enough to work for an employer that provides you with an employee benefits package, a life insurance policy will likely be included. Many San Jose, CA residents that have life insurance through their jobs don’t think they need more life insurance. But this is not correct; at Bayshield Insurance, we recommend getting more life insurance even if you already have a life policy as part of your employee benefits.
Why More Life Insurance
1. Your Employee Benefits Life Policy Is Not Enough
Most employers offer their staff life policies that are several times their annual salary. For most employees earning $50,000 to $70,000 annually, the coverage is usually $200,000. While this is a reasonable amount, it’s not sufficient life insurance if you have debts, kids who will be joining college in the future, and a mortgage. Getting additional insurance would plug the holes left by your employer’s group life insurance and provide sufficient financial protection to your loved ones.
2. Your Employer’s Group Life Insurance Isn’t Customizable
An excellent life insurance policy should fit your family’s needs and financial situation. However, the group life insurance policy provides the same coverage to every employee. This means you can’t customize the policy like adding riders to suit your specific situation. Getting another life insurance enables you to customize the policy the way you want.
3. You May Want a Permanent Life Policy
Most life insurance policies provided under employee benefits are term policies. Employers usually renew the group life policy only for as long as the employee is working for them. If you want a permanent life policy, your only option is to get individual life insurance.
Bayshield Insurance is a leading insurance agency in San Jose, CA. Call us today for life insurance assistance.