Reader’s Question:

I am a young banker from Elkhart, Indiana, Hawaii. I am single and don’t have any dependents best of all I am already a life insurance policy holder. The present company that I am working with is requiring its employee to participate in the group life insurance being offered by a certain insurance company. The premium is minimal although the choice will be mine if I’m going to avail the benefits or not. Is it wise to get an extra life insurance coverage?

Carl

Elkhart, IN

Since you are still young, no dependents, and posses a dynamic health, I really think that it is not wise to get an extra life insurance from your employer. Most of the time it would be more expensive than getting your own, unless otherwise group discount is being offered to the company you are working.

There are other companies in Elkhart, IN that shoulder the premiums on their account. Now, since your employer is requiring all of you to participate in the premiums, it is best for you to adjust your current life insurance policy in order for you to lessen your expenses on life insurance premiums.

Always keep in mind that your aim for now is rally to allocate from your annual income a 5% or lesser budget for your insurance premiums. You ultimate goal here is for you to achieve better returns in the future with minimal input at the present.

Tags: group life insurance, life insurance, life insurance addition