Should You Have A Life Insurance Policy
If you have an employee package that includes death in service benefits this will cover you for a multiple of your salary and you might not need additional life insurance.
Should you have a life insurance policy. You could also cash out the cash value and invest it in something more aggressive. You buy a policy that pays out a set amount if you die during the period to which the policy applies. If you have life insurance through your work you should still buy your own life insurance policy. With term insurance the policy lasts for a given period often 20 or 30 years and carries no cash.
It s up to you to work out if this policy is enough to cover your needs and whether or not you need an additional life insurance policy. The reason you should never only rely on life insurance at work is that you could lose your job or decide to change jobs and once you do that you lose that life insurance policy. Whole life insurance is an inherently conservative play and because you have a long period of time before you need money for retirement it may make more sense to take the income tax hit now and better utilize that money in a more aggressive investment portfolio. This type of policy is more important if you are married or have children but even single people can benefit from having life insurance.
Life insurance can meet several financial needs. So if you have a term life policy that expires in 40 years and you die in 35 your.
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