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    Life insurance can be an important step in safeguarding your family’s overall financial plan. You may have already considered purchasing term life insurance, or you may already have insurance through another source, but have you considered all the ways your family relies on you and how term life insurance can help bring some peace of mind to both you and those you would leave behind? If you’ve considered life insurance and decided you don’t need it, read on — you may be surprised!

    How much of life insurance do I need?

    Experts recommend that you have at least five to ten times your annual income in life insurance protection. If you don’t think you already have as much coverage as you may need, this is your opportunity to secure additional protection for your family. You can purchase the amount that’s right for you.

    Do I really need life insurance if I don’t have any dependents?

    Many people assume that if they don't have dependents, they don't need life insurance…but that is not always the case. If anyone would be affected financially by your death for any reason — including funeral expenses, hospital bills, or mortgage, student loan or credit card debts — a term life insurance policy can help cover these types of expenses. You should also consider parents or siblings who, while not your dependents, may receive financial support from you.

    Do I have enough of life insurance?

    Most people are confident with their decision to purchase life insurance to help with funeral expenses, estate administration costs, debts and medical expenses not covered by health insurance. When considering these costs, it’s vital to factor in expenses like your mortgage, college tuition, a spouse’s retirement, and the cost of services you currently provide which may need to be paid for in your absence (such as home maintenance, tax preparation, etc.) as well as hidden expenses currently paid for by your employer (such as healthcare, retirement funds and other benefits). Moreover, many people forget that certain life events result in an increased need for life insurance. For example, your children may be getting closer to college age, your spouse may not be working, or you may be supporting aging parents.

    Will I have to keep track of another monthly bill?

    Your employer may make it possible for you to purchase this coverage at group rates through convenient payroll deduction, so your peace of mind is as affordable and easy as possible.

    You may be able to take your coverage with you if you change jobs. And in the event that you become totally disabled, your coverage may be continued with no premiums due.

    That will never happen to me.

    Having a family changes everything. First and foremost, it forces us to plan for the future…and even for events that may be inconceivable to us. While no one enjoys dwelling on harsh realities, purchasing life insurance may help to decrease anxiety you may feel about your family’s financial protection.

    See your Human Resources or Benefits representative with questions about your life insurance coverage at work.