Employer-sponsored life insurance can be a great benefit, but it often comes with limitations that may not meet your family's needs. Most workplace policies are group term life insurance, which typically offers coverage of only one to two times your salary, significantly less than the recommended ten times your annual income. While these policies are usually free or low-cost and do not require medical exams, they lack essential features like cash value accumulation, portability, and customization options. If you leave your job, your coverage usually ends, although you might have the option to convert it to an individual policy at a potentially higher cost. To ensure adequate protection, consider supplementing your employer's policy with an individual life insurance plan, which can provide lifelong coverage, cash value, and tailored options. Companies like Amica, Mutual of Omaha, and Guardian offer various policies that can complement your workplace coverage effectively.
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