Many people have life insurance policies through their jobs. This is a great way to get coverage since it is usually cheaper than buying a policy on your own. But is this the only policy you need? Probably not. In most cases, having two life insurance policies is better than having just one.
Here are some reasons why:
Your Work Policy May Not Be Enough
The policy that your employer provides is probably not enough to cover all of your expenses if you die. Most work policies only pay out a few hundred thousand dollars, which may not be enough to cover things like your mortgage, college tuition for your children, or other debts and final expenses.
You May Not Be Covered If You Leave Your Job
If you leave your job, your life insurance policy will usually go with you. But there are some exceptions. For example, if you retire or are fired, you may not be able to keep your policy. So it’s vital to have a second policy that is not through your employer in case you lose your first one. Talk to Lana Insurance Center Inc. in Wallingford, CT to understand more about getting additional insurance in case you lose your job.
You May Want Different Types of Coverage
Employer-provided life insurance policies are usually "term life" policies. This means they only provide coverage for a certain period, such as five or ten years. But you may want a "whole life" policy, which provides coverage for your entire life. Or you may want a "universal life" policy, a type of whole life policy with more flexibility. So if you want different types of coverage, you may need to purchase more than one policy.
Contact Us Today
As you can see, there are many good reasons to have two life insurance policies. If you have a policy through your job, that’s great. But don’t stop there. Get a second policy from Lana Insurance Center Inc. in Wallingford, CT to ensure you and your family are fully protected.