Employer-sponsored life insurance is a great benefit, but it might not provide enough coverage to protect your family. Employer-sponsored policies typically offer coverage that’s 1-2X your annual salary. So if you make $50,000 per year, your employer may offer $100,000 in life insurance coverage at very little cost to you. This could be helpful, but how long would it last? Most experts recommend coverage that’s 10X your annual salary, or the total your family would need to replace your income for years to come and help cover costs like living expenses, child care, college tuition, bills, and mortgage payments.
