Life insurance is a vital part of any financial plan. It can help protect you and your loved ones in an emergency or tragedy. It can also help you build up a retirement fund, generate income, and provide for your family in the future. Your employer might have a life insurance plan for you as a perk of your job. However, Cross Creek Insurance of Hope Hills, NC has information that might make you want to supplement this with your own plan.

Does your employer offer enough life insurance coverage?

While it’s great to have access to a perk like life insurance, it’s also important to understand the level of coverage your employer provides and whether you need to add additional coverage on your own. Your employer might offer a few thousand dollars in life insurance coverage, which is certainly better than none, but it might not be enough.

Most insurance experts suggest people with dependents like a spouse or children should have coverage worth at least six times their annual income. Those single or have a spouse who is not dependent on their income need significantly less coverage. However, it’s essential to be sure the amount of coverage you have is enough to meet your final expenses.

What will happen to your life insurance if you lose or change your job?

When you leave a job, your life insurance coverage almost always comes with a provision that it will no longer be eligible insurance as of the date you leave. This can leave you without life insurance coverage when you need it most.

It can also leave you without time to look for a new job and find new insurance coverage before your current coverage runs out. Instead of waiting until the last minute to find new coverage, consider adding supplemental life insurance coverage on your own, so you have more time to find a new job without risking the security of your existing coverage.

Cross Creek Insurance can help the people of Hope Hills, NC find affordable life insurance. Contact us today to find out how.