Group Life Insurance 3 Examples Aaron knows how important it is to ensure his family is cared for if the worst happens. That’s why he enrolled in his employer’s group life insurance plan. He made sure he had enough insurance to cover his family’s bills, pay off their house and send his daughter to college if he unexpectedly passed away. Here’s an estimation of how much coverage Aaron might need: Jenny worked hard to get where she is today. But between her student loans, monthly car payment and credit card balance from moving out on her own for the first time, she knows that having group life insurance can help reduce the financial burden she’d put on her parents, who cosigned her loans, if she were to pass away. Here’s an estimation of how much coverage Jenny might need: Housing expenses $200,000 Income replacement How long does he want to extend his income stream? Number of years 2 X current annual income $60,000 Total income replacement $120,000 Education expenses $40,000 Total life insurance needed $360,000 Current individual life insurance $100,000 Group life insurance needed through work $260,000 NOTE: These examples are for illustrative purposes only and are meant to provide a general overview of how coverage works. Any resemblance to actual persons is purely coincidental. Please refer to your complete set of enrollment materials for your plan’s benefit amounts and costs of coverage. Meet Aaron Meet Jenny Student loans $80,000 Monthly car payment ($300 x 48 months) $14,400 Credit card balance $5,600 Group life insurance needed through work $100,000