Group Life Insurance – Is It Enough?

Group Life insurance is often offered by employers. The amount of coverage is typically a multiple of your salary.

Here are some things to consider:

  • Group life insurance can be affordable. Some times, the cost is less than an individual policy.
  • But, group life insurance is usually not portable.
    • If you leave, you often can not take the insurance with you.
    • Also, your employer can choose to stop offering the benefit.
  • Younger employees should consider the benefits of an individual term policy.
  • These are often cheaper when you are young.
  • Also, an individual term policy stays with you if you leave.
  • For some people, group life doesnt cover all their needs.
  • As a rule of thumb, some people recommend life insurance that is 5 to 10 times your annual income.
  • Estimate your life insurance needs

Life Insurance can be complicated. However, its an important decision.

September is Life Insurance Awareness Month. We are writing simple posts to explain life insurance. Also, you can ask questions about your situation

Related Posts:

Term Life Insurance – A Simple Explanation

Top 5 Questions You Need to Ask When Buying Life Insurance

Life Insurance – Reasons to Consider It