Do I Need Life Insurance If I Already Have It Through Work?

You may have life insurance through your employer.

That's a good thing.

But here's an important question: Is it enough?

Employer-sponsored life insurance can be an important part of your overall protection strategy, but it may not necessarily meet all of your family's financial needs.

How Much Do You Have?

Start by looking at your benefits.

You might have coverage equal to a certain multiple of your salary or a specific dollar amount.

Then compare that amount with your actual needs.

Consider:

• Mortgage

• Income replacement

• Children

• Education

• Debts

• Savings

• Other financial obligations

What Happens If You Change Jobs?

This is another important question.

Depending on the employer plan and its provisions, coverage may not continue in the same way when employment ends.

That means it's important to understand exactly what your policy provides and what happens if your employment situation changes.

Your Employer's Policy May Be Part of the Solution—Not the Entire Solution

Having coverage through work doesn't automatically mean you need another policy.

It means you should evaluate the total amount of protection you have.

The NAIC recommends reviewing existing coverage and comparing it with any new coverage you're considering. Changes in health can also affect future insurability and premiums.

Take a Look Before You Need It

A life insurance review doesn't necessarily mean buying more insurance.

Sometimes the right answer is that your current coverage is sufficient.

The important thing is knowing.

Lionheart Life can help you review your existing coverage and identify potential gaps.

Call 619-333-6464