Group Life Insurance Sucks

Group Life Insurance Sucks

Usually, it is a term life insurance plan that is included in employer benefits. If you are one of those who has a group life insurance policy and feels that it’s enough, please stop feeling good. You may not even know that you have been sucked into buying a more expensive plan than what you could get outside in the free market.

The only benefit of group life insurance is that you can get a small little policy without having to go through underwriting, which means a free medical exam and medical background check by the insurance carrier. You have to be completely naive or lazy to not explore out side of what your employer is offering you.

Three major drawbacks of group life insurance are:

  1. More expensive for most people.
  2. You cannot carry your life insurance plan once the employer ends your job.
  3. Expensive conversion (if allowed) to individual permanent plans.

In nutshell, group life insurance is just the cherry on the cake and not the cake itself. If you are looking for a serious protection of the financial future of your family and loved ones, you will need an individual life insurance policy that does what you want it to do. A kind of life insurance plan that no one can take away from you.

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