5 Reasons to Buy Group Term Life Insurance

With life insurance, you may pay your final expenses and provide financial support to your dependents. This insurance is valuable, and you should consider purchasing group term life insurance for five important reasons.

First, understand that group term life insurance describes an insurance product that's available to a group. Many employers offer it to their employees to purchase when they start with the company or during open enrollment. The premium costs may be covered by your employer as part of your benefits package or you may pay it through payroll deductions.  

This type of life insurance covers you for a set time. It includes a set death benefit that's awarded to the beneficiary of your choice if you die before the term expires. Group term life insurance remains in effect until the term expires and as long as you remain employed with the company and pay any assigned premiums.

There are five good reasons to purchase group term life insurance, so consider them carefully as you decide if a policy is right for you.

  1. Afford Life Insurance

    Because this insurance is offered to a group of people, it typically costs less than an individual policy, making it affordable for many consumers.

  2. Provide for Loved Ones

    The death benefit of a term life insurance policy goes to the beneficiary you name on the policy. They can use the money to pay your final expenses, cover their daily living expenses, repay debt or fund college or retirement. You may also name a charity or scholarship fund as the beneficiary.

  3. No Medical Exam Required

    Individual life insurance policies often require a medical exam to prove that you are an acceptable risk. Group policies often do not have the same medical exam requirement, which means you are eligible for coverage even if you have a serious illness, disease or other high-risk factor.

  4. Boost Your Overall Life Insurance Coverage

    You can own a separate individual life insurance policy and qualify to purchase group term insurance from your employer. Additionally, most group term policies allow you to purchase additional coverage on the policy. With these benefits, you boost your total life insurance coverage and provide additional financial resources to your beneficiary.

  5. Cover Family Members

    Provide invaluable life insurance coverage to your spouse and children when you add them to your group term policy. Your dependents will not need to undergo a medical exam, and you'll simply pay the extra premium through paycheck deferrals.
Protect your loved ones when you purchase life insurance. Group term life insurance is an excellent way to buy this valuable coverage, so ask your employer about it today.
Need insurance for You, Your Family or Your Business?
We can match you to a qualified, local insurance expert!
Further Reading
Your life insurance policy provides financial provision and peace of mind to your family after you die. While you could buy a private policy, many employers offer a group life insurance option that offers four important benefits.  1. Protec...
Just as one might use a CPA to prepare their income taxes or an attorney to help them with their estate planning, many choose to use an insurance agency to write their insurance policies. This choice is mainly made because a person feels they need pr...
Your business insurance value has no relation to your policy premium or your policy premiums, the value of your insurance portfolio related directly to the risks you insure against. If you are not an insurance expert, it is important for you to meet ...
As a parent, you do everything possible to care for your kids. Life insurance can be one product that provides for their future. Consider several reasons why you should buy life insurance for your children. Ensure Future Insurability Many life ...
We hear the stories every day. People dying suddenly from heart attacks or freak car accidents. That makes us think, what if that happened to me? Consider these 10 reasons for owning Life insurance: Debts - What happens to your debts if you d...