Once you determine how much life insurance you need, you may want to purchase supplemental coverage. Here's how:
1) Check with your district to find out how much life insurance coverage is provided. There may be a flat amount, but the district's carrier may offer supplemental coverage that you can purchase at your own expense.
2) Investigate other sources of supplemental life insurance coverage, such as CTA's endorsed life insurance program, your credit union or other financial institutions or professional organizations to which you belong. Keep in mind that you may also be able to purchase an individual policy, but group policies may offer lower rates.
3) Be sure to review the policies carefully for competitive rates and coverage.
4) Check the ratings of the insurance company you are considering. After all, you and your family are counting on the company's ability to pay claims. You can find Standard & Poor's ratings of insurance companies at www.insure.com.*
Finally, if you are purchasing an individual policy through an agent, be sure that any fees or commissions are disclosed to you.
* Web site provided for information only. No endorsement is implied.