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We think not, and here is why:

The economy is in bad shape. This has led to many changes in the benefit packages that companies are offering their employees. This can be quite disconcerting for many people as they are experiencing increasing financial hardships from a weakening dollar. One of these drastic changes that are affecting employees these days is the replacement of life insurance for health insurance. These two benefits were usually offered in conjunction with one another. Nowadays with everyone tightening their belts companies are opting to go with life insurance in part because of the constantly rising health insurance rates. This makes sound financial sense for employers but it can leave employees with a bad taste in their mouths.

In many cases having a life insurance policy can be a good thing. The problem lies in how much coverage a company is willing to give an employee. This can be a study in the futility of the American workplace, as employers, in frenzy to cut costs, will go with the lowest common denominator. In insurance this equates to accidental death and dismemberment insurance, the bottom floor of insurance policies. These policies are little more than vanity offerings meant for employee retention. The benefit payout is only five thousand which may cover only half of what current funeral expenses are

This begs the question, should I get supplemental life insurance? Yes, you should get more coverage immediately. If your employee insurance policy doesn't even cover the cost of the basics, it will fall terribly short of the providing your family with any real protection. In fact employee life insurance can actually cause more trouble than it's worth. Your best would be to purchase a life assurance policy. This way you are able to not only put money away for your final expenses you will also be able to invest money for your retirement. Life assurance will pay out twice, once at age 65 and then again upon death.

Treat your employee policy as little more than a favor in hopes to keep you enlisted in the company roster. There are so many provisions and clauses tucked away inside of an employee life insurance policy that you will more than likely never see any benefits from it at all. Do yourself a favor and get your own policy that you control and have full power over.