Is Your Employer-Provided Life Insurance Enough?
Many employers include life insurance as a benefit, but the coverage is often limited—usually only one to two times your salary. That may not be enough to support your family long-term. It’s smart to explore additional coverage to make sure your loved ones are fully protected.
You Probably Need More Than Employee Life Insurance
Most employer-provided life insurance offers coverage equal to just 1–2 times your annual salary—far below the 10x income experts often recommend. If you’re depending solely on workplace coverage, your loved ones could face a major financial shortfall.
The 10x rule is a useful guideline, but for a clearer picture, try the DIME formula: add your total debt, income (multiplied by the years your family would need it), mortgage balance, and expected education costs. This can help you determine how much coverage truly fits your family’s needs.
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Leaving Your Company Could Leave You Short on Coverage
When you leave a job—whether through a layoff, retirement, or a career change—your employer-sponsored life insurance might not go with you. Even if you can convert the policy, you’ll likely lose the group rate pricing, which could leave you paying more for limited coverage.
That’s why securing your own personal life insurance policy is a smart move. The earlier you apply, the better your chances of locking in a lower rate—helping to ensure lasting protection for your family, no matter where your career takes you.
How Protected Are Your Loved Ones?
Losing you unexpectedly would be emotionally overwhelming for your family—but it could also be financially devastating. Having a personal life insurance policy in addition to any group coverage can provide vital support. It helps ensure your loved ones can manage major expenses like mortgage payments, credit card debt, lost income, and future education costs.
Lock In Your Lowest Price
Life insurance gets more expensive as you age or if your health changes. Applying early gives you the best chance to secure the coverage you need at a price that fits your budget. All policies offered by Life Insurance Network feature level term premiums—your rate stays the same for the entire term of your policy.
Get the Coverage You Need
Group term life insurance is a helpful benefit, but it likely won’t be enough to fully protect your family. Take time to calculate how much coverage you truly need. The DIME formula—debt, income, mortgage, and education—offers a clear way to assess your financial responsibilities. Since your life and goals change over time, it’s wise to review your life insurance needs each year to ensure your coverage still fits.
Term or Whole Life? Know Your Options
Both term and whole life insurance offer financial protection for your loved ones, but they work differently. Term life is a cost-effective option that provides coverage for a set number of years. If you pass away during the term, your beneficiaries receive a lump-sum payment. Whole life, on the other hand, offers lifelong coverage with a guaranteed payout—as long as premiums are paid.
Not sure which type fits your needs? Life Insurance Network partners with some of the most trusted insurance providers, combining reliability with the ease of a modern, online process. Our fast, user-friendly application helps match you with a policy and premium tailored to your unique situation.