Life insurance from your employer, called group term life insurance, is offered for free or at a low cost, and typically provides basic coverage of at least one year of your salary. Some employers offer inexpensive supplemental life insurance of one to three times an employee’s salary. Usually, a medical exam is not required.
This type of life insurance has its pluses and minuses.
Its advantages include:
Affordability: Employers often offer basic coverage at no cost or for a small fee. And supplemental coverage generally costs less than an individual term life insurance policy of the same face value.
Insurability: Most people qualify for coverage under a group life insurance policy. It also provides for people with health issues, which could make them uninsurable otherwise, or require them to pay high premium amounts for the insurance they need.
Convenience: It’s easy to sign up or qualify for, and generally a medical exam is not required.
The disadvantages are:
No Portability: In most cases, your coverage from a group life insurance policy ends when the job ends. In circumstances where you can continue the coverage, you are responsible for the entire cost, and you may have to take a medical exam.
No options: Your employer determines the features of the life insurance policy, so you may be missing out on a product that better suits your needs.
| || |
Fiercely Protect Your Family and Your Future.
It’s up to you to get life insurance protection that safeguards your family and fits your needs, whether or not you remain with your employer.
Contact a licensed WFGInsuranceQuotes.com agent for help finding a life insurance policy that works for you.