Should You Buy Life Insurance form Your Workplace?

imagesShould you buy life insurance from your workplace or choose an individual policy and buy life insurance online? Maybe people settle for the first option, but we believe that this is not the best choice, and here is why:

It is not enough

Many employers do not offer good group life insurance plan. Chances are that your policy will only cover you for $1,000. If you pass away, this amount will not be enough to cover your funeral expenses. Increasing the coverage is, in most cases, difficult or impossible and even so, you will only manage to get a maximum of $10,000 which may not be enough for your family.

It is not safe or stable

An individual policy can provide coverage for extended periods ranging from one to 10 years. A group life insurance plan however, may not cover you if you leave your workplace. In some cases you will be covered for a year or two, which is barely enough.

The advantages of an individual life insurance policy:

An individual policy can provide important advantages such as:

  • Coverage for extended periods of time or permanent coverage. You can buy a term life insurance with an availability of 30 years or a whole life insurance plan and benefit from permanent insurance.
  • Better financial protection. An individual policy can insure you for an amount of one million dollar or higher.
  • It is cheap. A simple term life insurance policy may cost you only $9 per month.
  • More options. If you buy a whole life insurance plan you can save money and borrow against the policy if you will ever find yourself in a financial tight spot.

In conclusion, an individual life insurance plan can be better. However, clients who have health problems will find it easier to qualify for group insurance, since few agencies will accept them.

We believe in life insurance for everyone. Visit our website to find the right policy for you and your loved ones.