Group life insurance is provided by employers to employees and is intended to benefit the whole group. Unfortunately, group life insurance often isn’t the ideal fit for you individually.
Advantages of group life insurance:
- Covers employees who otherwise would not be able to afford individual life insurance policies.
- Allows higher risk individuals to be given life insurance coverage.
Disadvantages of group life insurance:
- The employee has little to no control over their individual coverage.
- Coverage does not continue or follow the employee if you leave your job.
- Healthier individuals pay the same premiums as those who are considered to be a higher risk within the group policy.
- Most people need additional coverage to compensate for coverage not included in their company’s group life insurance.
Group life insurance may be less cost effective in the future if you leave your job, are overpaying for others included in your group policy plan, and/or have to purchase additional coverage. We recommend a personal term life insurance policy, which you can customize to meet any and all of your needs – not the needs of your co-workers. If group life insurance is not for you – consider term life insurance.
We at Low Cost Life Insurance understand that choosing the right plan for your specific wants and needs can be confusing and frustrating. Low Cost Life Insurance is here to help you through the process of choosing the perfect life insurance plan. We have been a leader in the life insurance brokerage business for over 25 years and we pride ourselves on focusing on the needs of our clients in an honest and straightforward way. We are available to answer any and all questions you have about life insurance policies and will help you make the perfect choice for you and your family.