While any life insurance is better than none, there are two issues with only having insurance through an employer:
- You probably don’t own the insurance so if you lose your job or your employer closes its doors you may not be able to take the policy with you.And if you have the option to continue coverage after your job ends, the premium will most likely be much higher.
- Your employer based insurance is usually only 1-2 times your salary which may not be adequate for your family’s financial needs.
You can learn more about the pros and cons of group life coverage right here. We recommend buying a policy that meets your family's needs, regardless of your employee status.