Is it better to get life insurance on my own or simply use the coverage provided by my employer?

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Asked May 14, 2012

1 Answer


There are potential losses involved with an employer-sponsored life insurance policy that are not present when you own the policy yourself. For one thing, the policy could be jeopardized if you later change jobs, and for another the coverage is often limited to specific values. This does not mean that you should avoid getting insurance through the workplace, but it should provide examples of why you should own the policies for your most precious needs yourself.

It is not unusual for someone to own several life insurance policies, including a policy purchased through an employer, one or more permanent life policies that you own yourself, and term policies which are purchased as needed to handle specific life events. The reason for having multiple policies is straightforward, is as simple as recognizing that your life insurance needs change as your life changes and new policies are necessary to extend your protection newly formed obligations.

Life insurance purchased through the employer is not a bad idea, because it will reinforce your existing policies without costing you as much. In some cases, the employer may pay a percentage of the premiums or even the full amount, and having that extra coverage could make a great deal of difference if something should happen to you. Before you purchase, compare whole life insurance quotes and compare how the premiums would differ between the company coverage and what could simply buy yourself.

Answered May 14, 2012 by Anonymous

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