Life insurance: are you covered on being covered?

There is never a bad time to reflect on the matter of whether we have enough life insurance. And as open enrollment season gets into full swing, the question of whether we have enough life coverage among our personal lines of insurance should be top of mind.

The good news? Many companies offer a life insurance policy valued at one times annual income for employees. Theoretically, this should be enough to clear some debts, and it is a nice employee benefit to have (and to be offered).

But for many employees, that wouldn't be enough life insurance, with employees with spouses and children particularly in need of more coverage.

So how much coverage do you need? One good way to get started is to use an online calculator, such as one offered via, a non-profit organization founded and supported by numerous insurance carriers.

The LifeHappens insurance calculator requires participants to estimate their retirement savings, as well as the number of years of income replacement needed from a policy. Other factors are also weighed, including current life insurance policies in force, burial costs and debt carried by policyholders (mortgage and non-mortgage).

With a few clicks of a mouse, the calculations are made, and policyholders get a calculation on whether more coverage is needed. The results can be eye-opening, particularly when the cost of schooling is factored.

While a life insurance calculator is a good start, other research should be undertaken, too, and the life insurance coverage question is one that should frequently be revisited. The fourth quarter of the year, as employees elect their benefits for the next year, is a natural time to ponder the appropriate level of coverage. Such matters are ones to be considered both individually and collectively as a family, and a family's most trusted advisors should also be consulted without hesitation.

Want to learn more about life insurance coverage and other needed personal lines of insurance? The Plexus Groupe can help. Contact a property and casualty client executive at 847-307-6100. We're here to help -- and we are happy to help.