(844) 786-8229 [email protected]

Having coverage through work is a great benefit. It’s also a common reason people don’t think they need their own. But before you rule out an individual policy, here are several things to consider.

The amount of coverage:

There’s a significant difference in what your family needs and what your employer offers.

  • 1-2x annual income is what employers typically offer
  • 10x annual income is what experts recommend

Consider what your family may need to pay for:

  • Funeral and burial costs ($10,000 on average)
  • Current and future expenses
  • Medical bills and high-interest debt
  • Rent or mortgage payments

Cons of group life insurance:

Coverage through work will hopefully last as long as your employment, but it’s not guaranteed. And employers are not required to offer it.

Things to consider:

  • Coverage will end if you leave your job
  • A policy from a new employer can take 30-90 days
  • A new employer may not offer life insurance

Pros of buying your own policy:

We recommend an individual policy as your base coverage and supplement it with your policy through work.

Things to consider:

  • Easy and affordable financial security for your family
  • Customize coverage amount and length to fit your needs
  • Coverage will follow you from employer to employer

If you have any questions:

  • Call us at (844) 786-8229 or livechat with an agent – we’d be happy to help.

» Want to know more? Group vs Individual Coverage

About the writer

Headshot of Eric Lindholm, a life insurance writer, for Quotacy, Inc. New Year's Resolution

Eric Lindholm

Communications Coordinator

Eric started in Quotacy's sales department, but moved to marketing after helping hundreds of people through their life insurance buying journey. Aside from writing about buying life insurance, he also edits Quotacy's monthly newsletter, runs our YouTube channel and produces Real Life, our podcast. Eric lives in Minneapolis, where his coworkers are trying to convince him to take his humor into the spotlight. Connect with him on LinkedIn.