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Find out if the coverage is a Whole Life policy or if it is a Term Life policy. If Term Life policy, the coverage terminates if/when eligibility ends (usually end of employment). In that case…maybe consider planning for a supplement policy outside of your employer so that if something happens to your employment, you know you have coverage that is affordable. Converting a Term Life policy to Whole Life can be expensive.
Life Insurance is typically calculated using volume of coverage and an age-based rate. For age 38, that rate appears to be reasonably competitive.
Talk to your home/auto insurer about life products. Often, bundling can save money. As you get older and are near retirement, consider the usual suspects of AARP and Colonial Penn for example.
Lastly, talk to a financial advisor. Make sure your family is not just planning on your life insurance to financially sustain them. No harm in having an IRA as well. And if your employer offers a 401k plan with company match, be sure to maximize the match…that is free money to you. Never leave that on the table.
I took a $1.25M term for <$50/month for 20 years term from outside. So cheaper than employer provided and able to continue it longer even when i leave my employer. So look outside.