Why I bought life insurance when I already had coverage from work - Business Insider

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'Most people don't keep the same job forever. If you ever decide to quit your job for something else, unless that job offers similar life insurance benefits, you could be left without'

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You have more options when setting up your own policy and it can go with you if you change jobs or become self-employed. I've worked at several large companies over the course of my career that offered group life insurance. I always took advantage, but still bought my own term life insurance. Here's why I'm glad I made that decision.to employees, including health, dental, vision, disability, life, and accidental death & dismemberment . Each insurance has its own place and value for workers.where a single policy contract covers all enrolled workers.

I just pulled up a pay stub from one of my first jobs to see what I paid for group life insurance right after college. I paid about $60 per year for 4x my annual salary. That came out to $2.38 per paycheck for a benefit worth nearly $200,000 if I died.With a deal so good, what's the point in getting your own life insurance policy outside of work? There are a few reasons. The biggest one of all is portability.

 

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In your 20’s buy $1m of 30-40 year term. Make sure your unborn kids have an opportunity for college.

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