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Consider individual and group life insurance options

Posted On Fri, September 10, 2010

People frequently purchase individual life insurance policies through an agent they trust. While this is always a good option, people should also remember to see if their employers offer life insurance as a benefit as well.

Fall is typically the benefit enrollment period for many companies. While sorting through various insurance options, employees may want to inquire about life insurance.

"Life insurance offered through an employer's benefits package is often a very affordable way of protecting a family's long-term financial health," says CIGNA Group Insurance assistant vice president Diane Russell. "A good place to start is deciding how much protection your family may need."

Determining a family's expenses is a good place to start when trying to figure out how much life insurance one needs to purchase.

Regardless of whether a person has group or individual life insurance, having coverage can help a family during difficult times. A report by LIMRA reveals that 30 percent of American households don't have life insurance.

Without a policy, a family may struggle to pay everyday bills if the family breadwinner passes away. Life insurance can be used to help pay a mortgage, cover funeral costs, just to name a few things.

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