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about existing policies. Group Life Insurance
Group life policies are insurance policies offered to people who share a qualifying characteristic or membership. Most often they are offered by employers to employees, though they may also be offered through organizations or even commercial outlets, such as credit cards or magazines and newspapers. It may be offered as part of an employee benefits package or at a reduced cost, and as such is recommended because there is little personal monetary output.
No-cost group life coverage, that is, coverage automatically supplied by the employer, is usually set at a fixed limit, anywhere from $5,000 to $20,000. These limits can be higher corresponding with your position in the company. It may also correspond to your salary, and therefore be a percentage of your yearly gross income. These policies are available to employees without requiring a medical exam, which is an attractive benefit.
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Optional group life, where you pay part or all of your premiums, is often available at a substantially lower cost than a personally-purchased policy. This is because the financial risk is stretched over a larger number of people, and therefore there is a lesser possibility that the policy will actually pay out. Some optional group life plans still require a medical exam, but there is a better chance of acceptance as you are part of a larger group.
Group life policies are in effect term life policies, only good for as long as you work for your employer. Some policies do have the option of converting to permanent personal policies, but at a greater cost to you. If you are in need of extra coverage, or are young with few or no financial obligations, group life insurance may be the perfect solution to your life insurance needs.
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