If you’re employed, you may have the benefit of receiving group life insurance. The idea behind this type of life insurance coverage is to spread the risk of claims over a large group of people. Everyone under a group life insurance policy pays the same premiums, even those with mild to severe health conditions.

It works like this – Premiums are divided between the employer and all participating employees. However, the choice of plan and carrier is made solely by the employer. So it’s important to make sure you’re fully aware of your life insurance needs before considering group life insurance.

For people who have difficulty qualifying or getting coverage on their own, like those with health conditions or who are older, then a group policy is an excellent option. But if you’re young and healthy, you may end up paying more than necessary for group coverage. The one major drawback regarding group life insurance is that your coverage ends if you leave your job. And in the unfortunate event that you lose your job due to bad economic times or have to leave due to a serious illness or disability, you will most likely have a very hard time finding new life insurance coverage. Therefore, if you’re young, relatively healthy and are looking for coverage for a guaranteed amount of time, an individual term life insurance policy is probably a better option.

What is individual term life insurance? It’s coverage that protects only one person for a certain amount of time, hence “term.” These policies range in lengths from 10 to 30 years of coverage and are extremely affordable. In fact, term life rates are near record lows! This is a great type of life insurance policy to own if you have debts that will diminish over time, like a mortgage or loans. It can also help to offset funeral expanses.

But at the end of the day, no matter what type of life insurance you choose, having some life insurance coverage is better than having nothing at all.

For a free term life insurance quote, contact a licensed life insurance professional at AccuQuote. We can help you find low cost term life insurance that suits your family’s needs.

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