Life insurance is a financial resource for your loved ones in the event of your death. When you buy life insurance, your insurance company promises to provide your beneficiaries with a certain amount of money upon your death. In return, you make periodic payments, called premiums. The premium amount is based on factors such as your age, gender, medical history, and the dollar amount of life insurance you purchase.

This is generally paid for by your employer, who selects the benefit schedule including the benefit amount and duration of the policy.

This is generally paid by you.  The benefit amounts available to select are typically determined by your employer.  This insurance provides term life insurance, at group rates, for your spouse and/or dependent children.

This is paid by you - either wholly or partially.  This insurance may be purchased in conjunction with Basic Life Insurance or purchased separately.  When you elect to purchase Supplemental/Voluntary Life, you select the amount of additional life insurance based on your individual needs.  

The supplemental/voluntary group term life insurance available through many employers is an affordable way to purchase the extra protection that you and your family may need.  Because it’s available to you at group rates, group term life insurance is one of the least expensive ways to buy life insurance.  And since the premiums are lower than other types of life insurance, you can afford to purchase higher amounts of coverage.

• A single person’s life insurance should cover personal debt such as a student loan or home mortgage.
• A dual-income family with young children might need more insurance to maintain their lifestyle than a couple nearing retirement age without any dependent children.
• The family breadwinner might consider spousal coverage to help provide for child care costs and household services.
• Couples close to retirement might purchase life insurance to help ensure that the surviving spouse can retire as planned.

So the amount of insurance you need will depend on your current financial and family situations.

For more details!

To calculate your life insurance needs and make sure your coverage fits you.