Protecting your loved ones is important. And we don’t always know what the future will bring. That’s why being prepared for the future may need to be a top priority, and life insurance helps you put the people in your life first. Even if your employer already offers life insurance as part of your benefits, they may also give you the option to select additional coverage—known as voluntary term life insurance—to help further protect your loved ones. It ensures that a death benefit is paid out to your chosen beneficiaries and offers them support during a difficult time.
If you have loved ones who are dependent on your income—or other major financial obligations, such as a mortgage—you may want to consider voluntary term life insurance. It helps you provide additional protection to your family’s future, should the unthinkable happen.
Spencer worked full-time while her spouse Riley stayed home with their three young children. For them, childcare costs outweighed the income Riley would bring home, so they’d decided to rely on Spencer’s paycheck for all their expenses. But Spencer and Riley were planners, and they’d prepared for the unexpected by purchasing life insurance.
So when a sudden heart attack took Spencer’s life, Riley knew their family’s financial future would be taken care of. They could mourn Spencer’s loss as a family, all while knowing their world wouldn’t be disrupted more than they’d already experienced.
For illustrative purposes only.
Having five kids is always at the back of my head. I feel like it’s a valuable expense for something that could be very life-changing if we had an issue.
With this benefit, you can purchase coverage for yourself, your spouse, or your children without a health exam. That means no doctor appointments and a quick approval. And every year during open enrollment, you can continue to add or incrementally increase your coverage up to the maximum benefit—no medical questions asked.
Voluntary term life insurance is additional coverage you can choose to purchase through your employer. It’s separate from the standard life insurance your employer may already provide.
If you purchase voluntary term life insurance through your employer, you will get a group rate that’s usually lower than an individual policy. And the cost is automatically deducted from your paycheck.
You can buy additional life insurance coverage in multiples of your eligible compensation, on top of what your company may already provide. It can be purchased for yourself, your spouse/domestic partner, and your children. It’s important to consider your expenses and resources to help identify gaps in your overall protection. While everyone’s situation is different, one rule of thumb is seven to ten times your annual salary.
If something were to happen to you, your life insurance proceeds would go to the people you’ve designated as your beneficiaries. Those funds can help them manage financial obligations, such as:
- Funeral expenses
- Daily living expenses
- Childcare
- Paying off debts
- Mortgage/rent
- College funding
You can enroll during your company’s annual enrollment, when you’re first hired, or if you experience a qualifying major life event.
Learn more.
Ready to unlock the full potential of your benefits? Talk to your employer or financial professional about benefit costs and how to enroll.
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