Why I bought my own life insurance even though I had employer coverage - Business Insider

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'While we did have some life insurance through our respective employers, they didn't give us the amount we wanted our beneficiaries to have in order to continue living a certain quality of life'

However, when I quit my teaching job to start a career in financial services, my understanding of the importance of having an individual life insurance policy changed. As an adviser, I heard horror stories of people who were in accidents while between jobs or who died with no employer benefits. It was really sad to hear these stories and also consult with the individuals who were suffering because of the death. comes into play.

After more research and much conversation, however, we felt it was time to take better control of our future financial lives and applied for a policy through the broker-dealer that I was working for at the time. It was a quick and easy process. We just had to fill out some paperwork, complete a medical exam at our home, and then wait for our results. Both of us came back as priority individuals, meaning we were in good health, and thus the rates for our policies were lower.

Ultimately it came down to our big whys for having our own life insurance: If something were to happen to one of us and we had young children at home, we wanted to make sure the other spouse could stay home with the children if needed. We also wanted to make sure that we could pay off any remaining debts and that our lifestyle would be minimally interrupted.

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When you get life insurance young enough, it doesn’t hurt to pay the extra small amount for more coverage. We just did same here.

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