If you look at the numbers, more employers here in the U.S. are providing life insurance coverage than ever. As beneficial as that sounds, so many things that look good on the outside tend to not be quite so pretty on the inside. While it’s nice to have that extra support from your employer, it’s up to you to read the fine print, same as you should when it comes to a mortgage, buying a car, or your home or auto insurance policies. You can also look to purchasing additional coverage separately from a company like Colonial Penn to give you extra financial support.

Numbers Do Not Always Tell the Truth

If you talk to a mathematician, chances are good he will tell you that numbers never lie. When it comes to the number of households in the U.S. who are covered by employer provided insurance, it has actually declined from a high of 54% back in 1984 to around 46% currently. These numbers show that in reality the percentage of employers who are providing this type of insurance is on the decline.

Even if You Are Covered It Probably Isn't Enough

Even if you are among the fortunate few that have access to employer provided life insurance, the odds are good it is insufficient to cover your needs. The average employer insurance covers no more than three times your base salary. Thus, if your base salary is $40,000, your insurance would provide your family with $120,000. Sounds like a lot of money, doesn't it? But when you think about them having enough money to keep going, this is only enough for three years, and that is only if you have purchased an additional burial insurance policy. Now add to this, the other things like the health insurance your employers provided and suddenly that life insurance policy doesn't seem quite so good.

There Are No Guarantees When It Comes to Benefits

A benefit such as life insurance coverage from your employer is just that, a benefit. There is no guarantee that your employer is going to continue providing you with this benefit from one year to the next. Just because you think your employer should provide this type of insurance won't make it a fact. To make sure you and your family are properly protected, you should invest in your own life insurance policy, to make sure that no matter what type of insurance your employer provides or doesn't as the case may be, everyone is protected.

What If Your Employer Drops Your Life Insurance Coverage?

Imagine this, you have a sudden change in your health and your employer decides to drop your coverage, or even what if you change jobs? What if the changes in your health render you uninsurable? What if your new job doesn't provide you with life insurance? In most cases, employer provided life insurance is not "portable," meaning you can't take it with you. While there are some policies that can be taken from one job to another, most cannot. In the end, it doesn't matter whether your employer offers your life insurance or not, it still falls on you to the responsible thing and make sure you have sufficient life insurance to protect your family if you should die.