Employers that offer basic life insurance to employees will also offer voluntary life insurance.
This means you can take out more insurance than what the company is paying for in order for your family to receive added benefits in case of death.
These benefits are usually limited to 2 or 3 times your salary per year.
The extra premiums will be taken out of an employees' paycheck.
And even if you pay part of the premiums, the group life insurance is much less costly.
If you want more insurance than that you will have to contact an agent and purchase individual life insurance.
When taking out additional voluntary life insurance you may have a chance to get more accidental death and dismemberment coverage as well.
Some employers add this type of insurance to their benefit package.
The good news about group life Insurance is that it is guaranteed to cover all employees and any premiums are either paid for by the company, or taken through payroll deductions.
Portability is also something to consider.
If an employee's employment ceases they can elect to continue the coverage through private payments if they choose too.
It is important to figure out how much money your family would need to survive in case of your death.
Once you have an idea of what kinds of funds they need you can figure out if your current insurance plan is enough.
There are more things to consider other than the amount of the policy, like is there enough to invest for future interest draws, or if they just live on the money, how long would it actually last.
Other things to consider are who works in the family.
If you are the sole breadwinner, then much coverage will be needed.
If your spouse also has a good paying career, then you can get by with much less.
Open enrollment comes once a year for most companies so be prepared when it is time to select your options for the next benefit period.
The benefits booklets for the new year are handed out at least six weeks before your decisions have to be made.
Start research early and when the time to select your benefits come, you will be prepared.
If your family would need help in case of your death then you should really think about taking out some voluntary life insurance.