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Your Group Life Insurance Policy Might be Limiting You

The following is a guest post from Liran Hirschkorn. If you would like to submit a guest post, please contact me. A big perk for many employees is finding a job that offers life insurance through an employer based group plan or a similar. These policies can be great because they are often cheaper (or free) to the employee and usually don’t require a medical exam, which are added benefits if you are young, or have pre-existing conditions that would raise the cost of an individual term. However, there are also downsides to these group policies offered by an employer that may make you think twice about having one as your primary source of life insurance. Constricting Terms and Benefits Since group policies can include a large number of people they are often very limited when it comes to benefits, coverage, and options. • Benefits: You’ll be hard pressed to find a group plan that is rich in benefits. Typically they’ll only over the basic plan, with some options to improve coverage if you’d like to follow up with them, but that’s it. There are rarely any riders, funeral expense, death from accident, or other benefits available in a group ...

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