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Group Life Insurance

Group life insurance is normally offered through your employer or employer group.

  • Normally payroll deducted
  • Normally Term Life based
  • Normally has premiums based on an age range.
  • 40 – 45 year olds one price
  • 45 – 50 another price

Coverage normally lasts while you are employed by the offering group. Coverage normally terminates when you are no longer working for that employer, voluntarily or un-voluntarily.

Many plans will not offer a conversion option to a permanent plan at retirement or termination.

Many employer groups will pay for some or all of the cost for this coverage.

What are the common reasons for purchasing a Group Life Insurance Policy?

  • Usually no exam is required.
  • Can provide for loss of income at a death to your family.
  • Can pay off debt or obligations.
  • Affordable protection when you need it the most.
  • When you are young, you may be the least likely to die, however; if you do, you have the most to lose! Loss of income for your family and large debts to pay off.
  • It is very easy to obtain, normally just a quick form.


Who should buy Group Life?

  • If your employer is paying the premium, everyone should accept the coverage.
  • If it is cheaper than a term life this may be an alternative.
  • If you have health problems you should for sure buy this policy.

Who should not buy Group Life?
If you want to make 100% sure that your coverage will be in force when ever you die, even if 105 years old, a group life may not be a good option for you. Most estate planning scenarios do not work well with group life. If you know your family’s history is less than ideal, you may want to consider a more permanent policy.

If you feel your job will be unstable you may want to lock in a policy that you own so you don’t lose it with your loss of employment.

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