For example, many employers offer group life insurance benefits to their employees with an amount of coverage equal to one to two times your annual salary.
However, depending on your personal circumstances, it might not be enough life insurance to provide the protection your family needs.
And, if you change jobs, this life insurance doesn’t automatically go with you.
An individual life insurance policy gives you a number of important advantages over employer provided life insurance:
- You can ensure you have the amount of life insurance protection that meets your needs
- The life insurance policy is yours and, as long as you pay the premiums, can only be cancelled or changed at your request
- You don’t have to worry about losing your life insurance coverage if you change jobs or get fired.
Although it's a good benefit to have employer life insurance, you may want to consider buying your own personal life insurance policy while you are young and healthy, to lock-in a low rate and guaranteed protection for your future.