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  • Supplementing your group life insurance policy
  • March 1, 2014
  • supplemental insurance policiesBy

    With the current turbulent economic times leading to more employers discontinuing sponsored benefits, relying solely on group life insurance plans to provide your family with financial security can be akin to playing Russian Roulette.

    Generally speaking, group life policies are pretty minimal plans, so because the plan is not tailored to meet your individual needs, there may be holes in the coverage that could expose your family to financial troubles down the road.

    Your individual circumstances play a major role in determining if your employer’s group life insurance plan is sufficient. A basic group life insurance policy might be adequate if you are only concerned with covering funeral costs.  But if you intend to provide your family with a financial cushion after your death, group coverage may not be enough.

    Joe Rachinsky, a communications consultant for The Life and Health Insurance Foundation for Education (LIFE), recommends that policyholders purchase 10 times their annual salary in life insurance benefits, if not more. It’s not possible to fund this high amount of coverage through group insurance alone.

    Pages: 1 2

  • Category: Featured Articles, Life Insurance, Videos

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