Why Group Term Life Insurance is Not Enough

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If your employer provides group term life insurance, consider yourself lucky! Group term life insurance is a terrific perk. But is that all you need to help protect your family's financial future?

Group term life insurance is either paid for by your company, a portion is paid, or you get the opportunity to purchase group insurance coverage with no medical exam. If you pay for it, remember that the term life insurance rate might not be the cheapest or best term life insurance you can get. Generally, the best term life insurance rates require a medical exam.

Even if you have a group term life insurance plan through your job, it's a good idea to have your own term life insurance plan, even if it's a policy without a huge coverage amount.

Here's why:

For starters, if you leave your job, you may not get to keep the group term life insurance coverage. Suddenly, the term insurance you had counted on is gone and you and your loved ones aren't covered.

Next, even the best term life insurance rates go up as we age. And if you develop a medical condition, you might have trouble finding cheap term life insurance rates. If you are able to get term insurance coverage at all, the rate might be more expensive. Getting the best term life insurance while you are younger and in good health can provide peace of mind later on.

Another consideration? Employers that provide group term life insurance often don't provide much and the longer you stay on the job, the more raises you are likely to receive. If your group term life insurance coverage amount stays the same but your income goes up, your term insurance might fall short when you and your loved ones need it most.

For maximum peace of mind, shop around for the best term life insurance coverage and secure a term life insurance policy in addition to a group life plan provided by your employer. Count on your own term life insurance policy to protect your loved ones, and consider the other frosting on the cake.

This way, if you lose your job, you're still covered with your own affordable term life insurance. Greater peace of mind is what term insurance is all about!

Still have questions about getting the best term life insurance quotes and lowest rates for your particular situation? For a knowledgeable agent who won't pressure you, contact Matrix Direct today.

 

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