Often not. Work coverage is usually one to two times your yearly pay, and it usually ends when you leave the job.
Basic life insurance at work is often free or close to free. It usually needs no exam. Take it.
But the amount is small. On a $50,000 salary, you might get $50,000 or $100,000. Most families with kids or a mortgage need more.
It is tied to your job. If you quit, get laid off or retire, the coverage may end. Converting it can cost much more.
Many jobs offer extra coverage you can buy. Compare that price with a policy you own yourself.
A policy of your own stays with you no matter where you work.
- Usually 1 to 2 times your pay
- Often ends when you leave
- Price can go up over time
- Employer paid coverage over $50,000 can count as income
More questions
Should I drop my work coverage if I buy my own?
No. Keep the free part. Your own policy fills the gap.
Can I take my work policy with me?
Sometimes you can convert it, but it often costs much more.
Who gets my work life insurance if I do not name anyone?
It may go to your estate or family by law, and it may go through probate. Name a beneficiary.
