Life insurance – are you covered enough?
Are you enrolled in supplemental life insurance? Hard as it is to imagine, if you die, your family needs cash on hand to cover expenses and provide for loved ones without losing sight of financial goals.
USC offers excellent life insurance options through Securian, in addition to the coverage provided at no charge to every benefits-eligible employee. And – you can change this benefit at any time; you don’t have to wait for open enrollment.
Consider how supplemental life insurance can protect your family based on your current season of life:
- Single parent? Life insurance will help cover your children’s day care costs and other living expenses and fulfill plans for their future education if you are no longer there to provide for them.
- Married with young children? You most likely have modest savings and big responsibilities — a mortgage, child care and other monthly bills. In the event you die, life insurance will help your spouse maintain your home and provide for your children’s support, now as well as in the future.
- Married with college-age children and/or elderly parents? Your death could deplete your spouse’s retirement savings or other assets. Life insurance can help replace lost income to cover the cost of current living expenses, college tuition and/or your parents’ care.
- Married homeowner with no children? Life insurance can provide the money to meet financial goals and help your spouse hold on to the assets and the lifestyle you’ve both worked hard to achieve.
- Married with grown children? You may want to consider life insurance as an opportunity for supporting your favorite charities, building a legacy for your children and grandchildren or covering estate taxes.
- Single and in your 20s? Many debts become the responsibility of a family member if s/he is independently liable for the debt, such as a co-signer of a loan. You may want life insurance to pay off student loans, car payments, credit cards and other debts should you die.
And when you elect your life insurance coverage, don’t miss designating a beneficiary.