Company Sponsored Group Life Insurance is NOT Always the Best Deal
GROUP LIFE- not always the best deal
You may be able to save money if the following conditions apply to you:
Employer provided group plans that you pay for in some form are often not the best deal if you are a healthy non-smoker of 50 or more years of age.
Employer provided group plans often do not require a qualifying physical and are "one size fits all". These results in an average rate which includes healthy and unhealthy, smokers and non-smokers. A higher rate results. Additionally, the contribution of the employee is often age adjusted increasing at such ages as 50, 55, and 60.
Compare the rate which you may be paying for employer group life insurance with the rates available for term insurance if you are a healthy non-smoker. Consider especially the rates for level term which guarantee a fixed annual rate for a specified number of years. Combine this strategy with the general question of your need for life insurance after age 65. To decide upon your life insurance strategy, consider some of the questions posed in the topic: Is your life insurance working for you?
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