Life insurance is a way to provide for your family even when you are no longer here to earn an income. You may have coverage through your employer and feel satisfied with the current situation. But consider the following information and decide if you might need an additional policy through a private insurer.

Why an Employer-Provided Life Insurance Policy May Be Insufficient

It Might Not Provide Enough Benefit

The death benefit of most employer-sponsored life policies is one or two times your yearly income. Although that probably seems like a great deal of money today, it won't provide your family with much more than food, clothing, and lodgings after your death. If you intend to finance your children's education or enable them to pay off a mortgage or consumer debts, consider purchasing additional coverage on your own.

You'll Lose Coverage if You Lose Your Job

An employer-sponsored plan only covers you while you work for that company. If you lose the job, you lose the coverage, which leaves your family doubly unprotected. A private life insurance policy remains with you no matter your employment situation as long as you continue paying premiums.

Your Spouse May Not Have Enough Coverage

Some work plans provide a bit of coverage for employees' spouses, while others provide none at all. Check yours to make sure it offers your spouse enough life insurance to help you and the family get by if something tragic should happen. After a loss, you might need expensive child care services to continue working your current schedule.

For invaluable advice designing a life insurance policy for your family, contact Sun Valley Insurance in Indian Trail, NC. They’re an independent insurance broker serving clients in and around Union County and have been in business since 2010. They also specialize in home, auto, and workers’ compensation insurance, so they are your one-stop coverage solution. Visit their website to submit a contact request form or call (704) 282-1155 to request an insurance quote.