Life insurance is one of the most critical pieces of financial insurance you can buy.
No amount of money will bring you back from an untimely death, but if your family is reliant on your income then going without it puts them at grave risk if you suddenly pass away.
The best option for most people is to buy a term life insurance policy for a minimum of 5 years worth of your annual income; 10 years or more is preferred.
But sometimes those polices can seem out of reach or simply inconvenient to get.
I’m not saying inconvenience is a legitimate excuse (you can buy a policy online and they will send a nurse to your home to the medical exam!), but it is one nonetheless. Sometimes cost keeps us from buying the life insurance policy we really need, too.
Many people instead opt for their employer’s life insurance.
Using that life insurance is generally easier and more affordable because you are part of a group plan. The cost can be taken straight out of your check so you never feel the impact of the insurance on your budget. Your employer may even pay for your coverage, or at least part of it.
However, relying solely on your employer’s life insurance is fraught with danger.