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Group Term Life

Group life insurance is very similar to individual life insurance. The primary difference is there is usually less choice in the types of life insurance available in group policies. However, group life insurance is easier for people with health problems to get, much the same as group health insurance. 

Contrary to popular belief, group life insurance is rarely less expensive than individual life insurance for a healthy person. This is because there is not much in the way of administrative cost to individual life insurance. Life insurance is in general a "lean" insurance product. Therefore, if you are healthy and want to get the best deal on life insurance you are best served to apply for an individual life policy and take the medical exam. 

You can use simple rules of thumb, but a real evaluation of your needs should take your whole financial picture into account. Most advisors recommend an amount between 5 to 10 times your salary. Contact us if you'd like to find out more about developing a group term life plan for your company.

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Information is provided for review and consideration only. Please consult legal and tax advisors for practical advice pertaining to your business and personal situations.

This page was last reviewed and/or updated on Friday, July 03, 2015 05:21 PM

 

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