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While it may be convenient to do so, relying solely on life insurance from your employer can be a bad idea

Many companies provide a certain amount of life insurance to their employees as a benefit. While this is a great benefit, employees shouldn’t assume that the coverage offered through the employer is enough. More often than not, the coverage offered through the employer does not provide the employee’s family with the amount of protection that is recommended by financial experts.

Here are a few reasons why you may want to consider additional coverage.

It isn't really your insurance.

With employee benefits, you are at the mercy of the company you work for — you can work only with the options the company gives you and your ability to keep the policy is dependent on two things:

1. Your employer’s willingness to keep providing the benefit, and

2. Your continued employment there.

If either of those things change, you could find yourself without coverage. Having your own policy ensures you’ll have coverage as long as you need it and won’t experience any breaks in coverage based on your employment situation.

It's most likely not enough coverage.

How much money would it take for your family to cover all of its expenses for multiple years if they no longer had your income coming in? If your spouse is a stay-at-home parent, will they have to start working? Also, who will now take care of all the duties they perform now? Will that person do it for free?

Many employer life insurance options usually restrict the amount you can have. The life insurance included with your employee benefits is usually only one or two times your annual salary. Most financial experts recommend you have life insurance in the amount of five to seven times your annual salary.