Agile Insurance Strategies

Insurance Risk Management‚Äč

Life Insurance Through Work, Is It Enough?

Most unmarried individuals don't see the need for purchasing life insurance.  They can often say:

  • I have no one to leave it to.  
  • I don't have a family yet.
  • My parents still carry insurance on me.
  • It seems too expensive.  
  • I have life insurance through my employer.

When planning for life insurance, you might consider planning for the future since the older one gets the more expensive life insurance cost.  If being single causes you to pause on purchasing insurance, you may want to consider the cost for the same amount of insurance today in comparison to what it will cost you in another 5 to 10 years.  You got it, it will cost you so much more money for less insurance.  Should you buy more life insurance for a lower premium today or should you buy less insurance for a higher premium later?  This is what happens the longer you wait to buy insurance.  Another consideration is with age comes health challenges that can contribute to even higher premiums or render a person unable to be insured.  


Life Insurance Is a Personal Financial Decision


Also, there are many that have a family and believe having group life insurance on their jobs is enough. 


Your employer might offer group life insurance for one to two times your annual salary and you check off insurance from the as you enroll and never think about what it will actually cover for you.  Well one to two times your income may not be enough.  If you make $50,000 per year and the group plan offers you $100,000, your may still have risk exposure due to the inflexibility of the group life insurance plan through your employer.  There is no  doubt that having $100,000 will help take care of some immediate needs such as your final expenses, but it may not cover other essentials for those who depend on you to take care of them.

Life Insurance is an important financial decision and it is personal.