Definitely sign up for basic life insurance if it is offered as a free benefit.
Making a decision on supplemental group life coverage requires more thought. Start by totaling life insurance benefits available from already-established policies. Next, determine how much life insurance is necessary to protect loved ones. Include expenses like funeral costs, medical bills, mortgage, outstanding debt, educating your children, and more. Compare how much life insurance you have now with how much your loved ones will need. Explore supplemental group life insurance as well as individual options if more coverage is in order.
There are pros and cons to employer-sponsored supplemental group life insurance. Convenience and minimal out-of-pocket cost are advantages. Additionally, pre-existing medical conditions are often handled with more leniency.
On the other hand, group supplemental plans have limited flexibility when it comes to coverage options. Retaining the employer-sponsored group life plan becomes an issue if you change jobs. It may be possible to convert the group supplemental plan to an individual life policy, but the cost will be significantly more.