Most employers offer some sort of life insurance policy through work that you can enroll in. But for the average consumer, a life insurance policy through work is typically not enough coverage.
Ideally, a life insurance policy should cover:
- Income replacement
- Credit card or any other type of debt
- Major payments like auto loans or a home loan
- Funeral Expenses
- Future college education, if you have children
A life insurance calculator can help you to determine an accurate amount of life insurance coverage. If your only life insurance policy is through your employer, take the time to determine if the death benefit is enough to cover all your expenses. Chances are it won’t cover everything you need which is why purchasing a second life insurance policy is essential, especially if you have a family.
If you’re self-employed, it’s essential to have a life insurance policy. Life insurance for self-employed individuals can not only protect their dependents, but their business too. A life insurance death benefit for the self-employed should cover any sort of business expenses.
Are you still wondering if you need an additional life insurance policy? Visit our Learning Center or FAQ page for the answers to all your life insurance questions.
If you’re ready to buy life insurance online, fill out the form below for a free life insurance quote today.