Is your Life Insurance Enough?

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“I recently had the unfortunate task of processing a death claim for the surviving spouse of a group plan client.  As if this situation isn’t sad/difficult enough, I discovered that the deceased plan member did not carry life insurance outside of his group plan.

Having both an individual life insurance policy and an employer-provided life insurance plan could have been the best combination for this client.

Your individual life insurance policy can allow you to have the amount of coverage that you truly need, to add any extras that you consider necessary for your personal circumstances, and to have lifelong coverage, regardless of your employment situation.  And the younger you are when you purchase it, the cheaper the rates may be. Your employer life insurance plan can be seen as a supplement.

Making sure you are covered with life insurance for all times and under all circumstances is your best case scenario.  So next time you think, “I’m covered – I have life insurance at work.” Maybe think again.  That might not necessarily be the case.  We can help you determine what additional life insurance coverage you may need.

Connect with us today.

https://www.cpacanada.ca/en/the-cpa-profession/financial-literacy/blog/2017/august/is-your-group-life-insurance-enough

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juliepower

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