Since I already have this life insurance, why would I need any other life insurance coverage?
The main reason you need your own life insurance outside of your employer's plan is because you may not keep your job for the rest of your life, but there may come a time when you need life insurance.
You could lose your life insurance through your employer if:
1. You get fired.
2. You leave your job.
3. Your company goes out of business.
4. Your company gets bought out.
5. You retire with no benefits.
Also, if you leave your job you may be able to convert your group term life insurance coverage from your employer into a permanent life insurance policy, but that will cost a lot more than you currently pay for life insurance.
Those are some of the reasons you should have your own life insurance policy outside of work.
Also, what happens if you are no longer working for your company, and you need life insurance, but your health has changed, and you cannot qualify for life insurance?
The time to buy your own life insurance plan is when you are young and healthy, so you can lock-in a lower rate on your life insurance.
Here's how you can learn how term life insurance coverage works and how you can compare term life insurance rates and plans online among leading life insurance companies.