I Have A Group Life Insurance Policy Through Work, Is That Sufficient?
Most group life insurance is not “portable” meaning, if you leave the company you lose your life insurance. Many policies also cover only a year or two’s salary. If you supply the primary income, your family will need much more than that. As a rule of thumb, your policy should be worth 10 times your annual income - an amount that a group policy usually will not cover. For a more accurate estimate of your life insurance coverage needs, please see the MIQ life insurance coverage calculator.
Individual policies can only be controlled by you, the policyholder. Group policies are owned by your company and therefore can be altered or cancelled by them at any time.
More than likely if you have a group policy, you are underinsured. In most cases, you should have, at the very least, a supplemental individual life insurance policy.