Life insurance through your employer at work usually provides no benefits unless you are still working for your employer when you die, which is rare, because any illness that kills a 23-year-old is usually bad enough that you have to stop working before you die.
You may want to consider a larger amount of life insurance than offered through your employer if:
1. You are married or have children, and
2. Your spouse or children depend on money from you for their financial well-being.
If your spouse is financially independent or has a job, or you are unmarried and childless, then you certainly do not need more than $10,000 of life insurance (for funeral, burial, etc., expenses), and may not need any.
Term life insurance is usually offered through employer's and providers annual renewable coverage. if you leave your job or get fired, you may have a short time-frame to convert your group life insurance coverage from work into a permanent life insurance policy, but it will cost you a lot more.
However, you can buy your own term life insurance policy and get guaranteed level rates and coverage for up to 30 years. So, if you buy a home, get married, or have children, you will be certain to have life insurance protection, and your rates will be locked-in and stay the same for the entire term of your life insurance policy.
Here's how you can compare term life insurance quotes online with no obligation, and find the lowest premiums from over 70 leading life insurance companies without having to meet with an agent.
Insurance without any Medical Exam,
Just a Few Health Questions.
