I will look into it, but you are probably right about transferring.
Do you think it’s a good idea to purchase an additional one outside?
Yes, dependent.
Not the best idea since once you leave work you will lose the coverage. If you leave, they will probably (they do in Canada) give you an option to convert it to your own plan but premiums will go up a lot.
I have a participating plan which is costly, plan’s insurance grows through annual dividends. ~100k paid up after 20y. ~500k in term for 30 years (50/mo). Another 250k paid for by work. 100k critical illness in case i get cancer (essentially bucket list money since Canada will pay for my healthcare).
Got all my plans in my mid 20s so the premiums are low. Will probably get more once I have kids.
Your parents keep the cats? All of them??
Let’s not get crazy meow.
Wait, are you talking about whole life? I only buy term and not looking to have a whole life. I also have an accidental death (one time payout) coverage and long term disability. Now I guess I need to buy more term with an outside provider 
The second paragraph was just my personal situation.
No employer offers whole life, probably haven’t in the past 30 years. It will certainly be term and when you leave you will have to get a term policy for a certain period at new (non group) rates. It is almost the same as getting a policy by yourself. The only difference is if you convert from work to personal, they will grandfather your health status. The new policy will need a medical. It helps people in poor health and doesn’t benefit those in good health.The question is just healthy you are at that time.
Wait krc was raised by cats?
Who cares? If you can get $2m in insurance coverage for $40/month, I’d go for it. Even if you don’t have loved ones who need it or want it, you can always name a charity as the beneficiary. Here’s one in your area: http://www.happycatsanctuary.info
i have $1.1M including work for myself, $600k on my wife including work.
$600k covers the mortgage. probably need another $200k to put 4 kids through school. the wife can have $300k extra to cover the day-to-day for quite a while. i’ll be happy to be at work if she’s a goner so don’t need the coverage. plus she’s rated so her coverage is like 2x my cost. nice to have the mortgage paid though.
krnyc recommending charities again? I can’t say i’m all that surprised.
Over a one million each in term insurance for me and the wife. Super low term rates through the AICPA (one spouse must be a member). Greenman, I hope that you are aware of this deal. I also have a small whole life, and she has some universal life.
Higgmond, if you have to pay an extra premium due to weight, then that is not the worst thing to worry about. You are still offered coverage. Take the insurance now, get your health under control, and get re-examined in a year. The insurance company will likely remove the extra premium. My insurance company does that anyway. PM me if you’d like to know the company.
Thanks JB. They adjust your premium after the policy is already in effect?
Believe it or not, I think my rates through USAA are better than the AICPA.
$1.5 mm term, paying $42/month, come at me bros
Wow. How long is the term and how old were you when you got the policy?
got it at 32, its a 20 yr term.
Higgs, get a joint term policy for you and the wife. that should even the playing fields in terms of incentives. worst case scenario it becomes a Mr. and Mrs. Smith situation which could be fun.
i think 1m is cool. i would do just 10 year. the richer you get, the less you need insurance. term is the best because its the cheapest.