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Question 9 of 9 in Group Plans |
I already have group life insurance at work. Why might I need to purchase individual life insurance? |
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Your group life insurance is tied to your current employment and the amount of insurance it provides may not be geared toward your personal and individual requirements. Therefore, it may not be the appropriate amount for you.
If this is a concern, you should do some analysis to decide what life insurance coverage is appropriate for you. Take into consideration that some of your life insurance needs may end in a few years (as when your mortgage is paid off, or your children grow up and move out on their own) while other needs may continue beyond that time.
Think about how long you are likely to continue in your current employment, and consider whether you will need additional life insurance once you are no longer covered through your employer.
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