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:
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!
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