Not Meeting Your Needs
While financial experts recommend having life insurance in the amount of five to seven times your yearly earnings, the employer may limit it one or two times your annual salary. While even if you are ready to sign up and pay for additional life insurance based on your benefits plan, you’re typically constrained to pretty tiny amounts. Hence, to have a good enough coverage; supplementing your employer-provided life insurance with an individual policy is recommended.
Not Getting Your Best Fit
Your basked of choices can get substantially limited with just relying on the employee benefits, whilst you may also have to tolerate a total absence of (benefits) guarantee. You might be having an affordable life insurance plan in the present year, but who knows’ the rates may inflate in near future or even the plan may possibly be call off in coming year, when you may well desperately need that life insurance.
Not Convenient
It is worth noting that employee benefits cease to be benefits when you depart from the company. This means, that you cannot avail employer-provided life insurance after you leave your present job. However, your new job may propose a new policy, but still the risk prevails during the sandwich period between two jobs. Thus, with your own policy you can rest assured and can avail coverage till you want without experiencing any split in coverage on account of your employment circumstances.
