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Britt Erica Tunick is an award winning financial journalist who has spent the past 17 years writing about virtually every aspect of finance. She has mastered the art of boiling down complicated financial topics for readers to understand. |
Sure, many companies offer life insurance as a benefit. While rates may be lower as a group participant, there are other points to consider before signing up. Why You Should Check All Your Options Before Signing Up For Group Life Insurance By Britt Erica Tunick Like many people just entering the workforce, my first encounter with life insurance was the policy that was included as part of the benefit package offered by my first employer. For what translated to just a few dollars subtracted from each paycheck, I was provided life insurance coverage that would pay the benefactor of my choosing in the event I met some unexpected early demise. Many companies that offer employee benefit packages continue to include group life insurance among the offerings they provide coverage that is supposed to be available to individual employees at discounted rates because of the power of buying as part of a group. According to the American Council of Life Insurers, the majority of Americans with life insurance coverage have employee-sponsored group life insurance plans. Just as your mother surely told you as a child, just because everyone else is doing something doesn’t necessarily make it right an adage that also rings true with group life insurance coverage. While participating in an employee-sponsored group life insurance plan is definitely better than simply going without life insurance, there are a few questions you should ask before signing on the dotted line to be sure such coverage is in fact the best choice for you.
Before simply signing up for an employee-sponsored life insurance plan it is worth making a few calls to get independent quotes first and to have the ability to make a true comparison. Don’t just assume that a group plan is your best or cheapest option. |
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