When you get a job offer, one of the first things you might do after considering the salary is consider the benefits package. How many vacation days do you get? Do they offer good maternity and paternity leave policies? How is the health insurance they use? And so on. But, what about Life Insurance?

One of the great benefits an employer might offer is life insurance. It is easy to sign up for an employer plan and feel like you are covered should something unexpected were to happen to you. But what if the unexpected was that you lost your job? Then where would you be?

While taking advantage of a life insurance policy offered through your place of employment is a great idea, it might not be enough on its own. Under an employment-offered plan, your policy lasts as long as your employment does. While it would be nice if your job lasted for the rest of your life or until you are ready to retire or move on on your own, is that something you can risk?

Life insurance is vital in making sure your debts are settled and your family is taken care of when you are gone. To ensure continual coverage, it is a good idea to choose a life insurance policy that is outside of the one you have at work.

Reasons to Have Life Insurance

There are many reasons to have life insurance no matter your age:

• If you have family members you want to take care of even if you were not around to do it yourself. This includes paying for higher education, weddings, and other major life events.
• If you have credit card debt, loans, or mortgages, which don’t just disappear when you die.
• If you want to leave your spouse with a state of living that matches their current state.
• If you want to make sure the costs of your funeral are covered.

Types of Life Insurance

Just like there are many reasons to want life insurance, there are also options on what type of insurance you can get.  A majority of these options fall into two categories: term life insurance and permanent life insurance.

Term Insurance: This, as the name suggests, is a category of insurance that pays for a certain, set term of life. For example, if you only wanted life insurance until your mortgage was paid off, the insurance policy would end when your mortgage did.

Permanent Insurance: On the other hand, you may want longer lasting life insurance. In this case, a permanent insurance plan might be a better option. Under this option, your policy lasts as long as you are alive and paying your premium.

No matter your stage of life, you can benefit from having life insurance, and since employment is never guaranteed, it is a smart idea to get insured on your own even if you already have a policy at work.

 If you would like help finding the life insurance policy that is right for you, then visit our contactpage to learn more about our great insurance options.