MINNEAPOLIS, Minnesota — Experts say life insurance is one of life’s least understood financial necessities.

Many people don’t understand why they need it, when they should buy it and what type of policy would best meet their needs. For example, did you know there are two types of life insurance? Term Life Insurance can be less complicated and less expensive and is often offered by your employer. Permanent Life Insurance covers you for life and is typically more expensive. It may also have a cash value component.

“For the first time ever, more Americans have life insurance coverage through their employer than are covered by individual life insurance,” said Amy Hennessey, regional Vice President for Securian Financial. “When open enrollment season begins this fall, be sure you are evaluating your life insurance coverage in addition to your health insurance. People tend to focus only on their health insurance in open enrollment."

Take a closer look at: how much life insurance coverage is available, the type of coverage, the cost of coverage, whether you need additional coverage, and other financial obligations. 

Hennessey’s job is to educate people about the importance of having life insurance so families can protect their loved ones. To determine how much coverage you need, use a life insurance calculator here.

BENEFITS OF BUYING LIFE INSURANCE THROUGH YOUR EMPLOYER:

Peace of mind

Easy access

Group rates

WHAT TO CONSIDER WHEN BUYING LIFE INSURANCE:

How much coverage do I need?

What type of coverage do I need?

How much does it cost?