If you receive benefits through your employer, they may include life insurance coverage. If so, great! Part of your income is covered.

Before you start celebrating, there are a few quick things that you should double check:

1. First, confirm that you have coverage.
   
   
2. Find the coverage amount – it is usually tied to your annual income.
   
   For example, if you make $50,000 and have a policy worth 2x your income, your coverage amount is $100,000.
   
   
3. Decide how much coverage makes sense for you and your family.
   
   Use our Life Insurance Calculator to get a good idea.
   
   
4. If your current coverage amount is too small, you may be able to increase your coverage through payroll deduction options. If not, look into purchasing an individual policy to fill the gap. 

Even if you’ve worked through that list, there are still two major reasons to explore an insurance policy from outside your employer’s benefits package.

The Case for Individual Coverage

1. Life insurance coverage provided by your work is not portable.
   
   That’s right – if you find yourself out of a job, your coverage does not come with you. Many people like the security of a portable policy when times are uncertain.
   
   
2. No matter who you are, life insurance will most likely never be as cheap for you as it is right now.
   
   Life insurance is priced based on your current age and health – the longer you wait, the more expensive it will get. Applying while you're young and healthy helps you nab lower pricing. 

If either of those reasons speak to you, it could make sense to look into purchasing an additional policy.

Generally, these policies can be structured to fill in the gaps left by your current plan through work – meaning they are smaller and far more affordable than full coverage.

One last thing...

If you have changed jobs or gotten a promotion without reevaluating your insurance needs, you may want to double check what level of coverage you have.

Higher income can often lead to a lifestyle change, and if you want to maintain that for your family, you may need to adjust your coverage from your previous role or employer.

If you have more questions about portable insurance policies, send us an email or give us a call at 855.348.3091.