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lattu | Which is the more beneficial group life insurance or term insurance? |
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PFS rep
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Both really.
Group life is usually very inexpensive, say $6.50 for 100,000 face. Term cannot usually compare with the cost of group live.
The real benefit is that if you have term, you own the policy. As long as you make payments, you have coverage for the term. Group usually is lost if you leave the group, cease employment relationship, business closes, lays off, changes benefits, or benefit providers. Group may give you rights to convert group policy to yourself in the form of whole life (expensive) policy upon termination.
You have no control with Group. You have control with Term.
My recommendation would be to price compare. If Term policy is within say 35% of the group cost, buy all term and for the face amount that your responsibilities to your family are. If group is dirt cheap, buy all you need through the employer. Then in addition, purchase Term in around 1/2 to 3/4 of your needs. This way if you lose employment, you still have protection for your family. Regardless of possible changes in your health, you have the bases covered.
Hope this helps. |
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LifeInsuranceAgent
 |
They are both beneficial as they will both pay to your beneficiary if you die...
Usually the differences are:
1. With group insurance, the rates will go up every few years.
2. Your employer controls the coverage and can cancel group insurance at any time.
3. If you lose your job, you may lose your coverage
4. as you get older the rates become more expensive, and if you develop a health issue, you are subject to increasing rates and the whims of employer if they keep/cancel coverage.
Individual is better because you make the decisions of how much to have, how long to keep and you control the outcome. |
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pissedbitch99
 |
term |
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dimples_in_nj
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It is my understanding of the question is Group term life insurance versus Individual term life insurance.
As most subject matter experts would say, depends.
Group insurance is generally the best vehicle for those whom are sick. They find themselves insurable at a group rate and cannot be denied coverage in most jurisdictions (Called GI). The negative is that your coverage level is determined by an amount set by your employer and not your individual financial situation.
Individual term insurance is a good financial vehicle for those needing higher short term protection without the high premiums. Also with the knowledge that the term insurance is not portable and will be less affordable when you reach a higher age. |
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Mr. Prefect
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They are 2 near-separate entities. Group life(which is also term) you get from your job, whereby all are covered. If you leave the job, you can continue the same, only you will pay for it instead of your employer.
Otherwise a term policy you buy straight from an agent for the "term" period stated. |
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mbrcatz
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Group life, or individual term? Well, it depends on A LOT of factors. In some cases, someone who wouldn't get term insurance at any cost, can get added to a group life policy - because of the group. But when you leave your employement, you would have to convert it to private insurance.
IN other words, there's no answer to your question, without a LOT more information. |
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