Should you buy your life insurance through your employer or through a separate company? 

When it comes to life insurance, the choice between getting it through your job or from an agent depends on what works best for you.

Employer Plan:

  • Easy-Peasy: Life insurance from work is super easy because they take the premiums straight out of your paycheck.
  • Good Deals: Sometimes, the rates through your job can be a good deal because the company might pay a chunk of the cost.
  • No Health Hassle: You usually don’t need a medical check-up or answer health questions for this type of insurance, which is awesome if you have health issues.

But it might not cover everything:

  • Not Enough Coverage: The insurance amount might not be sufficient for your needs.
  • Job Tied: If you leave the job, you might lose this coverage or have to pay a lot to keep it.

Agent or Online Purchase:

  • Your Way: Buying through an agent or online means you can get a policy that suits you perfectly.
  • Take It With You: These policies can usually move with you if you change jobs.
  • More Choices: You have a bunch of options and can choose what fits you best.

But there are some things to think about:

  • Cost Considerations: Sometimes, individual policies might cost more, especially if you’re healthy and young.
  • Health Check: You might need to do a health check-up or answer some health questions, and that could affect your premiums.

To pick the right one, think about what you need, how healthy you are, and if you plan to switch jobs. If the work insurance covers what you need and it’s a good deal, that might be the way to go. But if you need more coverage, something tailor-made, and the freedom to take it with you, an agent might be better.

Before you decide, compare the details, costs, and limits of both options. Speaking with a financial advisor or an insurance pro could also help you figure out what’s best for you based on your own situation.  If you decide to buy insurance outside of your employer, make sure your policy is in-force before you cancel your company policy.

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