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There are several reasons why having your own supplemental life insurance policy, on top of the free life insurance policy provided by your employer, may be beneficial. These reasons include:
- Your employer's life insurance policy may cover minimal expenses
– Your family may need money to pay off a large mortgage and to help replace your lost income
– You will likely lose the policy if you switch jobs
– You can borrow against your own policy later on down the road
Having a life insurance policy that is “yours” is always a wise idea, especially if you have a family.