30 day money challenge #6
Why Life insurance through your employer might not be enough?
1.Your employer may not have enough life insurance. While basic employer provided life insurance is low cost or free, your policies death benefit for your loved ones may not be high enough to replace your income.
2.You may lose your coverage if your job situation changes. With most employer provided life insurance coverage, if you leave the job for any reason, such as illness, disability, or termination, you will usually lose the life insurance as well. You don't want gaps in coverage, because you may not know when you may need it.
3 Coverage gets tricky if your health declines. Another problem arises if you are leaving your job because of a health problem. If you rely solely and heavily upon group life insurance, and then suffer a medical condition that forces you to leave your job, you may be losing your life insurance coverage just when your loved ones are going to need it the most.