Anonymous
Anonymous asked in Business & FinanceInsurance · 4 weeks ago

is it worth it to take out a personal life insurance cover when your employer gives you (X times) life cover?

12 Answers

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  • car253
    Lv 7
    4 weeks ago

    Life insurance through work is usually not personal life.  It is usually group life.   If you leave your employer you cannot take it with you.    Group life is usually cheap, so, yes, get it.   But you should also get your own life insurance plan that is not connected to work.

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  • 4 weeks ago

    If you need life insurance, then yes, because what your employer give you usually ends when your job ends, and if you need insurance now, you'll still need it when you are no longer employed.

    If you don't need insurance, then no.

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  • Judy
    Lv 7
    4 weeks ago

    depends on how much your survivors would need

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  • Anonymous
    4 weeks ago

    First question is 'who would financially suffer if I was to drop dead tomorrow'.  If no one, then you likely don't need life insurance.

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  • 4 weeks ago

    You can buy all the life insurance you want. But consider what you want when you buy it--do you want to build equity in a policy? That's WHOLE LIFE. Do you want to be insured for only the time you pay for the insurance? That's TERM LIFE. A whole life policy can become an asset--it can be converted into cash if you need it later (there is a set time you have to wait for this.) A term life policy is only as good as long as you keep paying for it. If you miss payments, or decide to stop paying, the policy is not valid. I don't know what your employer offers, but usually, when you stop being employed, you also stop being insured by these kinds of policies. So it may well be worth your effort to buy a whole life policy while you're young--because the younger you are the cheaper they are--and keep it for a long time, so you have something to fall back on if you ever quit. 

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  • 4 weeks ago

    If you buy personal life insurance you are betting that you are going to die, and if you do not die, you have lost the bet.

  • 4 weeks ago

    If you need life insurance, employer based life insurance should always be secondary.

    1. they can stop the plan at any time.

    2. often you are sick before you die and you would have stopped working which cancels the life insurance. 

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  • 4 weeks ago

    Do you have a family to support if you die?

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  • 4 weeks ago

    If you have people who rely on your income and the insurance that you get through work is not enough to care for them if you died, then yes, you should get private insurance.

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  • Rick
    Lv 6
    4 weeks ago

    IF you're THE bread-winner for your family, you should have enough life insurance so that the family without you can keep the house & a similar lifestyle like they have now ..................

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