Do I need work insurance? This may be a common question and concern for many Americans. There may also be many misconceptions about coverage for work insurance. For example, some people may believe that the employer will cover the beneficiaries’ expenses if the insured dies; however, what is covered and what is not really is typically dependent upon the terms of that individual coverage policy.
Other people may believe that they do not need work insurance at all. Some do not know what this involves. Many may have never considered additional life insurance policies, and they may be unsure if they can help meet the obligations of their beneficiaries if they get sick or die. This may be considered scary since many Americans may carry a lot of debt between credit cards, school loans, other loans, and mortgages that their estate would need to pay for. This could leave beneficiaries behind to struggle with paying off high debt if the under-insured died suddenly.
Work insurance can be comprehensive, but additional life insurance may help your beneficiaries be even more prepared. Your policy could help cover your existing debt, funeral costs, and the living expenses of dependents. To get the right coverage, you have to determine the expenses that you may leave behind on your death. For example, a single person with about $20,000 in loans and $5,000 in credit card debt may need to have a policy that helps cover this debt and funeral expenses if others have cosigned on those loans. This is why it could be worth considering learning more about additional life insurance options. People who are married with children sometimes discover that they may need coverage up to 10 times their salary to help cover their expenses and provide for their children. You may want to meet with a professional insurance agent to assess your situation and figure out how much term life insurance coverage you might need. Learn more about term life insurance coverage here.
So many people may not believe that their current term life insurance coverage could only barely touch the tip of the iceberg of their expenses. Learning about different options may help make a big difference and may save you a lot of time, effort, and headache. To learn more, read the article “Advantages of Term Life Insurance.”
