If your job provides this benefit, it might seem like the easy choice. But here are a few things to consider:
Your employer might not offer the option to purchase additional coverage, and if they do, it might not be the best deal. If you think you need more than what your current plan provides, it’s best to start comparing other options — and find the right amount using this handy guide here.
Life insurance is intended to replace your income in the event of an untimely death. Most employer-provided plans take a one-size-fits-all approach — and it might work just fine for some situations. But if you have a stay-at-home partner, a mortgage, debt, or a large family, you might need more than what your employer offers.
If you have employer-provided life insurance, chances are your policy will be affected by a job loss or change. This could leave you with gaps in coverage.
Life insurance for your partner is not always a part of benefits packages, even though things like health insurance usually are. Make sure to read all the details before you accept a job offer!
If you’re still wondering how much coverage you need, a good rule of thumb is to purchase a policy valued at ten times your annual salary. Check out this resource to learn more here.
But many of us don’t get enough.
Calculate how much life insurance you need here.
$10K
Average cost of funerals1
30%
Percentage of families living in single-income households2
$208,185
Average mortgage balances3
that don't change during your initial term.
you can add on to your employer-provided coverage.
from $50k to $250k and 10 to 30 years.
up to 5 years before your initial policy ends.
with no additional hurdles.
helping families protect their loved ones for 110+ years.
Premium waivers can be issued from ages 18 to 55 ‐ payable if you’re unable to work for two years following disability, and any occupation insured is reasonably suited for thereafter. Subject to terms and conditions.
Add on additional coverage for accidental death. Your maximum is the lesser of the face amount of your base policy and $250,000. Issue ages are from 18 to 60.
Your kids can get coverage too, with policies ranging from $1,000 to $25,000. Base insured issue ages from 18 to 64.
Included at no extra charge (unless you decline when you apply). Elect up to 85% (97% in FL and NY) of death benefit ($250K maximum) if you have a terminal condition with less than 24 months (12 in FL and NY) to live. Death benefit remaining after benefit payment must be at least 10%.
Save up to 31% on coverage vs. the competition.*
| Our Rate | Farmers Insurance | |
|---|---|---|
| Male, 40 years old | $22.05* | $26.35* |
| Female, 40 years old | $17.64* | $23.18* |
*Savings calculated based on a comparison of like plans from Kasasa powered by Protective(R) and Farmers Insurance in June 2020. Plan prices compared were of a monthly premium based on a $100K simplified-issue term life insurance plan with a 10-year term for a 40-year-old male and female in excellent health as of June 2020.
L
Loans and liabilities
I
Income replacement
F
Funeral expenses
E
Education/ estate planning
Take your L·I·F·E total and subtract your current assets and savings to find the total coverage amount you need.
Life can be unexpected. Understand your options.
"Term life insurance covers you for a certain period of time (usually between 10 and 30 years), while whole life insurance policies are good for the entirety of your life."
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"It’s not the most exciting conversation to have, but it will be one of the most important ones."
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"If you are a homeowner, make sure the policy you choose will help those you leave behind to afford your home — and all the other related expenses that come with it."
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"Your employer-provided life insurance may seem like the easy slam dunk choice, but it’s important to also think about a few other factors."
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