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. Protect Your Dependents
As the primary provider for your family, you ensure their needs are met. What happens if you were to die, though? With life insurance, your beneficiaries receive funds that pay bills, cover cost of living expenses or pay for college. Instead of hoping nothing happens to you or believing that you’re too young to die, select a life insurance policy offered through your employer’s group plan, and protect your dependents.
2. Cut Your Policy Costs
When buying groceries, items sold in bulk are cheaper per unit than items sold in individual packages. The same principle applies to life insurance. Because more people participate, insurance companies can offer group policies at lower premiums. Although a group life insurance plan does not offer as much flexibility as an individual policy, group policy costs are cheaper, making life insurance affordable.
3. Pay the Premium With Ease
Participate in a group life insurance plan offered through your employer, and enjoy easy premium payment. That’s because your employer will typically deduct your policy premium directly from your paycheck. You receive important coverage, and you have one less thing to think about each month.
4. Stay Covered After you Retire, are Disabled or are Laid Off
Although your employer’s group plan is designed for employees only, you can sometimes keep the policy after you retire, are disabled or are laid off. Typically, retirees or former employees who are disabled or laid off must pay the full premium or transfer coverage to an individual policy. However, the extra cost is worth the peace of mind life insurance provides.
Talk to your human resources manager or insurance rep today about group life insurance. Choosing this option means you protect and provide for your family at a price you can afford.
