life insurance provided by the employer can be an easy and inexpensive way to get protection for your family, but if you lose your job? You may lose your life insurance benefits. And if you have an individual term life insurance policy in addition to the cover of your group, you may leave your family without any product at all. However, the group life insurance offers some advantages. Let's look at the pros and cons of life insurance coverage offered by the employer group:
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- The people with serious health problems can get coverage. the idea behind the band's cover is to spread the risk of claims on a large group of people. Everyone under the policy pays the same premiums, even those who are seriously ill because no medical examination is required.
- The age does not matter. The price of an individual life insurance policy term increases as you age, but no matter what age you are as an employee, you can get a group life insurance coverage at the same price as any the world, even those who are several years younger than you.
- It is inexpensive, convenient, and sometimes free. Most group life insurance policies are affordable and easy to sign up for because the work on the additional land is required. And some employers even offer a low policy rate of the benefit of free death.
Cons
- Selection of the plan and the support is made by the employer. your options are very limited as regards the coverage of life insurance group, it is important to ensure that you are fully aware of your life insurance needs when making the decision to opt for a group life insurance.
- Costly if you are young and healthy. Although group life insurance is usually affordable, you'll probably pay more than you would with a no term life insurance policy expensive if you are young and healthy. Why? Because the life insurance group, the mortality risk is spread over a large group of people, regardless of your own, and health factors and lifestyle.
- The coverage ends when you leave your job. There is nothing certain. In the unfortunate event that you lose your job because of bad economic times or leave due to a serious illness or disability, you probably have a very difficult time finding a new cover life insurance. Therefore, if you are young, relatively healthy and are looking for a cover for a guaranteed amount of time, an individual term life insurance policy is probably a better option.
But the most important thing to remember is to have some protection of life insurance is better than having no coverage. For a free quote term life insurance, contact a life insurance agent licensed to AccuQuote. In minutes, they can help you find the cheapest term life insurance that fits in the financial plan for your family.
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