Group benefits such as life and health insurance have long been one of those things that drives people to get the jobs they have and hang on to the jobs even when they might want to do something else. In our current economic state you may want to reconsider your attachment at least to the life insurance benefit.

We read every day about the millions of jobs lost and along with those jobs, in most cases, the security of life insurance for families has been left behind. And it’s not that people don’t understand the need or know that they should probably go out and find new coverage, but often that isn’t the focus when your life has just been turned upside down by a job loss.

At that point people are focused on finding new jobs and often are hoping the new job will replace the lost benefits. Maybe the focus should be in a different direction though. Job benefit packages have become less and less reliable as the length of people’s careers has morphed into a series of mini-careers. It is making more and more sense to consider carrying personal coverage where you can so that it is portable.

Life insurance is one of those things whose cost is low enough privately to, in many cases, be as affordable as group coverage and many times even less expensive. When owned privately term insurance will almost always have better guarantees and better conversion options and, unlike group coverage, you can customize the plan to truly meet your needs rather than just being whatever came out of the can from your employer.

Bottom line. This is not the world of 30 or 40 years ago when people had one career with great benefits and retirements. Today we need to take on the management and purchasing of our own benefits and often the funding or our own retirement.