Should you get life insurance coverage?

Some employers offer a limited amount of life insurance completely free of charge, so why not take it? The amount they offer, though, typically isn’t enough to cover the full amount of life insurance you may need in the event that something happens to you.

Generally, experts say you should carry five to 10 times your annual salary in term life insurance. But we recommend adding up your total debts and your family's future financial needs to calculate how much life insurance you need.

See if your employer offers an option to upgrade, and compare that cost with the price of private life insurance. If you have a pre-existing medical condition, you may find a better price from your employer since the group policy is guaranteed to provide you coverage. But if you’re relatively healthy, you might find lower prices elsewhere.

Now that you’ve gone through the trouble of signing up for this financial safety net, you don’t want to leave your beneficiary information blank or as an afterthought. Now’s a good time to make sure this information is still accurate — especially if you’ve gotten married or divorced, welcomed a baby or had a loss in the family — while you have the electronic paperwork in front of you.

Don't forget, everyone has a different situation based on their employment, age, health, family, and potentially many other factors.

That’s why it’s important that you go ahead and contact me on my mobile phone 513 773 5959 or email rneuenschwander@myhst.com today as fast as you are able. Events move extremely quickly during the pandemic, and the longer you wait, the more your situation might change in terms of health and employment.