There are many benefits to purchasing group life insurance. Here are a few highlights for you to consider:
Value for Money
One of the biggest draws to group life insurance policies is how much value a company and its employees can get from a single policy. Members will pay a low fee–if they pay anything at all—while employers can offer a more competitive benefits package.
Easy Qualification for Groups
Group life insurance policies are surprisingly easy to qualify for, especially when compared to individual policies. With groups, coverage is guaranteed to any member without a prerequisite medical exam, whereas individual policies often require extensive medical checks before permitting policy qualification.
There are many different types of life insurance policies. The two most common are term and whole life insurance:
Term Life Insurance
Term life insurance policies are generally considered to be the most accessible policy type. They allow individuals to put back certain amounts of money, known as premiums, to be paid to any beneficiaries if the individual should pass away. These payments can be made in installments, lump-sums, or annuities, though the lump-sum is the most common option. Additionally, term life policies are considered to be more affordable than many comparable options. However, these policies are so affordable because they are limited to set terms and will expire after that period is up (usually 20 years).
Term life policies offer no hidden fees, policy cancellation without value lost, and affordability to any group life insurance individual. However, these policies do expire, potentially leaving individuals without life insurance coverage.
Whole Life Insurance
Unlike term life insurance, whole life insurance does not expire. It will last for the entirety of an individual’s life as long as premiums are being paid. Because of this valuable benefit, whole life policies are often more expensive than term life policies. Whole life policies also have a cash value that accrues interest at a predetermined fixed rate, which offers individuals a guaranteed rate of return. This cash value grows over time, which can be very beneficial if the individual’s beneficiaries need to cover endowments, dependents, or estate plans. However, the cash value also adds complexity to whole life insurance because it introduces surrender fees, taxes, interest, and other stipulations.
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