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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.
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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