Everything you need to know about insurance basics, like coverage types, limits, cost and more.
Additional Life Insurance Policy Benefits
Financially protecting those that matter most is what life insurance is all about. Although you may not be able to provide for your family or loved ones forever, you can help to protect them financially by purchasing life insurance. And although your employer may offer group life insurance, it might still be in your and your family’s best interests to consider a policy of your own. Here’s why.
Why Owning a Personal Life Insurance Policy Is a Good Idea
Things change in life. Babies are born, homes are bought and sold, better jobs come along, and opportunity knocks. As these conditions change, you’ll find your financial needs will as well. The set of benefits your job offers you may not fully protect your loved ones as your life matures. Here are a few reasons to get a personal life insurance policy in addition to the one your employer may offer:
Employer plans may not be portable. If you change jobs, your new employer may not offer the same, or any life insurance coverage. It’s possible that you may be able to convert some of your employer-sponsored life insurance to an individual life insurance policy, but that’s not a given and could be expensive. Having a personal policy in place means that you’re going to have coverage that’s not dependent on your job. Consider that the average amount of time an employee stays with a company is under five years, and you’ll quickly see the importance of having a policy apart from your job.
Employer-provided life insurance may come up short. If your employer is offering group life insurance coverage, the coverage amount may not ultimately be enough to pay off your debts, mortgage and final expenses, or provide sufficient funds for income replacement. That’s where a personal life insurance policy can help cover those gaps. With a personal life insurance policy from American Family Life Insurance Company, you can customize your policy to meet your needs.
Coverage continues, even if your health declines. Unlike coverage from your employer, which usually ends when your employment does, a personal life insurance policy persists across jobs. And if your health should decline and you find yourself unable to work, your policy will remain in force so long as the terms of your policy are met.
There are many reasons to pick up a personal life insurance policy, and most of them help you feel great about the way your dependents, family or beneficiaries will have some financial protection in place for the future. Connect with your American Family Insurance agent today to discuss the many benefits of purchasing a personal life insurance policy.