The Allstate Blog | Everyday Peace of Mind
shares

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 sometimes be affordable, but often times an individual policy will cost less. Estimate the cost of an individual term policy available… Allstate http://blog.allstate.com/wp-content/uploads/2009/09/iStock_000021302646Medium.jpg
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 sometimes be affordable, but often times an individual policy will cost less.
    • Estimate the cost of an individual term policy available through an Allstate Agent.
  • 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

 

Comments

Brendan
Follow me on Twitter @B_ONeill73 and Google+ (B. ONeill)

Recommended Stories