Most of us at some stage have worked for someone else. That’s called having a job. If your still working for someone else that ok. Some folks become entrepreneurs while others remain employed by others. Being an employee or an entrepreneur is not better or worse it’s just different. So if you’re an employee you get benefits from your employer. That’s a way for your employer to entice you away from other companies or it’s used as an employee retention tool. When you switch jobs it’s often a bargaining chip your employer will use to either hire you or keep you. If your employee benefits are attractive that will count in your decision to either stay in a job or leave it. 

So what has all of this got to do with term life insurance? 

Within your benefits package you will get a small to medium size term life insurance policy along with your dental, eye and prescription coverage. That’s a nice little policy to have. If you die while you’re employed with your current employer then the term life insurance policy will pay out and your loved ones will get some cash. That’s a good thing that they get paid. For you, not so much cos you’re dead. So it’s a little bitter / sweet. A little bit of column A and a little bit of column B. 

So what happens when you leave a job and move to another job? 

Well, you get a brand new benefits package with term life insurance etc. As your career unfolds and you move from job to job you keep hitting the reset button on your term life insurance. You see, your benefits package does not follow you around like a faithful puppy. It keeps getting reset to square one. This situation is all well and good until one day your no longer working for an employer. Perhaps you became an entrepreneur or you simply reached the point where you no longer wanted to or could keep working full time. 

Guess what happens to your benefits package? 

You got it…. it’s gone. So now your left with zero term life insurance. Not to mention no dental, eye and prescription coverage. Your back at square one. That sux. You need private term life insurance to keep the promises you made to your loved ones. 

Thankfully with dropdead term life insurance you have the best and cheapest term life insurance coverage in Canada. dropdead is simple, fast and affordable term life insurance coverage. It’s all online and you do not need to speak to a broker if you do not want to. There is a calculator on the site that can help you figure out how much term life insurance you need. Most Canadians buy $450,000 of coverage that lasts for 20 years. The 450 grand is primarily there to pay your mortgage and the 20 years is to get the kids to self-sufficiency.   

Now if you need more than $450,000 of term life insurance coverage then we can get a dropdead broker involved. Term life insurance is very simple and straightforward to understand. You die within a 20 year period your loved ones get paid. It’s no more complicated than that. However if you want a permanent life insurance policy then things get complicated fast and you will need to speak to a broker. 

This is where the rubber meets the road. 99% of life insurance brokers are more suited to a career in the food service business. Specifically they would excel in offering you fries with your drive through purchase. At dropdead we have the best brokers in Canada to help you navigate the complexities of permanent insurance. 

Coming back to the question of: do I need private term life insurance if I have benefits through my employer? The answer is a hard YES. 

Buy term life insurance as young as you can. It’s cheaper and way easier to get when your young and healthy. 

Don’t wait till it’s too late. dropdead term life insurance is the best and cheapest term life insurance you could wish for. Click this link and buy now!

Colin Hegarty is a content writer for BreezeMaxWeb that helps businesses showcase their brand through enticing copy. When he’s not working, you can find him playing net in a local beer league or biking around the city.