Group life insurance is a benefit that your employer may offer you. There are often different rates available and more affordable premiums as well. Plus, you can also have the opportunity to speak to your company’s broker at a time that is most convenient for all parties involved. Read on to find out more about how getting group life insurance works.
Comparing Basic and Supplemental Insurance
Basic group life insurance is often one of the free benefits that employers will offer. Since it is free, it is mostly a guaranteed perk. That’s why you shouldn’t be hesitant to accept it. Just be sure to fill out all of the necessary paperwork before the deadline comes so that you can be sure to get the coverage you deserve. Before you can finish submitting the papers, be aware that you will have to name your beneficiaries as well. If not, then the law will determine if your spouse or relatives will receive the benefits instead. Supplemental coverage is optional, but it is still a worthwhile investment.
Reasons to Consider Getting Group Life Insurance
Buying group life insurance through your employer brings you more convenience, lower prices, and guaranteed acceptance. Having a convenient way to purchase life insurance is even more critical when an employee needs protection but hasn’t had a chance to finalize it yet. The lower rates are often unbeatable in comparison to shopping for other policies on the open market. Finally, any applicants with health conditions will be able to get a better rate without needing a medical exam.
Reasons to Reconsider
You do have the choice to get your group life insurance outside of work. Switching to an individual policy could end up being more expensive than you expect. Your health could change over the years, especially as you continue to move from job to job unless you intend to stay. The plan itself might not be enough on its own, but that’s why supplemental insurance is so important.
Making Your Decision
In the end, the decision is yours. Accept any free life insurance policies that are offered. Do the math to find out what level of supplemental life insurance will benefit you the most.
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