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Some major companies offer life and disability insurance for an additional cost or sometimes for free. If you have a family, taking advantage of your company's life insurance benefit may be a cost-effective way of beefing-up your life insurance. If you are the primary breadwinner in the family or your income plays an important part in your family's monthly living budget, it is important to have the appropriate amount of insurance to hedge against any catastrophes that would affect your ability to earn income. Depending on your situation, purchasing the coverage you need to protect your family may be too expensive. Compare the rates and coverage offered by your employer and your outside insurance company. Do not assume your company's insurance policy is cheaper. But if the company insurance program is less expensive, you may be able to save money by combining both your company's and your outside insurance company's insurance policies together to get the appropriate coverage you need. Since your employer's insurance is usually only supplemental coverage (extra coverage) you will need to find out the maximum amount you can obtain from your company and subtract that amount out of the total coverage you need. The remaining coverage should be obtained through your outside insurance company. Paying for a portion of your insurance needs with your company sponsored insurance program is a good way to save money through your employee benefits.
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