• Group vs. Individual

  • FINANCIAL MISTAKE: Will your group life insurance premiums increase every 5 years? If so, you might consider replacing it with an individual plan that you can keep when you retire.

    Group vs. Individual Life Policies

    Group Life Insurance Policies, usually acquired through employers, are often very cheap at younger ages. If the benefits are free, then great! If you are paying a premium, do you understand your options, or is there something better available?

    Below are some common drawbacks of group insurance plans:

    1. Coverage may not continue after employment. If it does have some provision of portability after retirement
        or termination, how expensive is it?
    2. Premiums may increase substantially every 5 years. This may not seem like a big deal at younger ages,
        but by age 50 premiums can start to be very expensive. With many companies, premiums may increase as
        much as 50% or more every five years. Often it is prudent to find out from your human resource department
        how much your premiums will increase over the next 5, 10, or 20 years. This would allow you to accurately
        compare your costs with alternative coverage available on the individual market.

    With an individual policy can allow you to continue coverage regardless of employment status. Depending on your health, rates may be more affordable as well.



    Avoid premium increases and save money on coverage you can keep after employment! 

    Click Here for a No Obligation Life Insurance Quote or Policy Review

    Or call us at 901-754-2040

    *We are not stock brokers or financial advisors and do not give investment advice.

    See our Professional Disclaimer