I Have Life Insurance Through Work. Isn’t That Enough?

Picture this: You land an exciting new job with great benefits: vacation time, health insurance, 401(k)… even free lunch once a week!

They offer group life insurance, too – two times your annual salary. That sounds like a lot, right? In many cases, it might not stretch as far as you think.

Let’s say you make $50,000 per year. A benefit of $100,000 can make a big difference to your family – for a while. But through the years, could it really go the distance to pay for expenses and reflect the legacy you want to leave for your family? Think about how far $100,000 could go to pay for these common needs over time:

• Private student loan debt

• Mortgage or rent payments

• Utilities, groceries and other costs of living

• Healthcare

• Childcare expenses

• Charitable giving

Life insurance is, by its very nature, a deeply personal financial decision. When you rely exclusively on group coverage through work, you miss the opportunity to personalize your coverage based on your specific needs. Here’s why that matters.

https://www.erieinsurance.com/blog/enough-life-insurance-at-work