Should You Buy More Life Insurance?

Will the life insurance your employer provides be enough to take care of your family? At Western Republic Insurance Services in Huntington Beach, CA, we know many heads of household worry over this. Truth be told, the life insurance offered by your employer may not be enough.

Generally, employers provide their employees with life insurance at no cost. But is that coverage enough? Most people need life insurance coverage which is equal to, or greater than, at least five times their current annual salary. But some experts say that isn’t enough; they recommend as much as ten times your current salary. Ask yourself this: Would your death place a financial burden on your family? If the answer is yes, you need to look into supplemental life insurance.

Death Benefits

It’s also a good idea to look at your complete financial picture. The death benefits from your life insurance won’t take into account other things like second incomes, medical insurance benefits, and even retirement contributions.

Plus, while your employer may provide health insurance for your spouse, it won’t necessarily provide life insurance for your him or her. Couples often overlook this. This is especially problematic if one person stays at home to take care of the kids or simply works for an employer who does not provide life insurance.

Added Coverage

There’s no reason not to take advantage of the free or low-cost insurance your employer offers, but it might not be a good idea to have that as your only source of life insurance. You’ll want to think about purchasing additional life insurance on your own. Shop around and look for a policy that fits your needs. Make sure it will cover you and your family under any circumstances.

When you are looking for life insurance in Huntington Beach, CA, call Western Republic Insurance Services. We can help you find the correct amount of life insurance for your family.