Is Employer Life Insurance Enough?

Workplace life cover is a nice perk, but it has gaps. Here is how to judge whether you need more.

What most employers give

A common benefit is one or two times your yearly salary, at no cost to you. That is a helpful base but rarely a complete plan.

It usually stays with the job

If you resign, are laid off or the company changes providers, the cover can end. Converting it may be possible but can be costly.

The amount is fixed

Your family's needs change with every child, loan and pay rise. The workplace amount does not adjust with them.

The health factor

Buying your own policy while healthy locks in a price that does not depend on any employer.

A simple plan

Use the How Much Cover calculator, enter your workplace benefit as existing cover and see what is left. Buy that gap as a private term policy.

Keep both

There is no reason to turn down a free benefit. Just do not make it your only protection.

General information only, not financial or insurance advice.