Did you use a financial advisor'

[Like2Plan]

I wasn't saying that the amount of coverage was inadequate. I meant that not owning your own policy is inadequate. If you lose/leave the job, there goes your insurance. if the job decides to drop that benefit, there goes your insurance. If you health status has changed since you started there, your insurability may be questionable or you may have to pay a lot more to obtain coverage.

Term life is so cheap. There's no excuse for not getting your own policy above and beyond anything the company provides.

My DH found himself in just the scenario you described. He was leaving a company that provided good life ins coverage. The insurance was convertible when he left, but we discovered it was only convertible to a very expensive whole life policy. It was just too expensive. It was debatable whether DH really needed life insurance at that point anyway, so we passed on it. DH has had a couple of health issues that would have made a term policy too expensive, too (although it was a lot less than the whole life).

As a result of our experience I would recommend getting a 20 or 30 yr level term policy (outside of your employer). Every 3-5 years, go shopping for another policy and compare the rates. Sometimes the rates go down and also you can extend your time horizon. It can be wicked expensive to wait to the end of the 20 year term to get another policy especially if you have had a couple of health issues.