Typically, life insurance policies that come under the umbrella of a large group plan involve very little, if any, underwriting and automatically covers all employees. Depending on the size of the group however, some underwriting may be required especially if the group is slightly smaller. If you decide to take out an individual life insurance [...]
Archive for the ‘Group Life Insurance’ Category.
Millions of people receive their life insurance from group plans through their employers. It is no wonder then that many people want to know what the limitations of their group plan are. The most obvious limitation of the group plan is that you can lose that plan if you lose your job. In fact, your [...]
One of the biggest benefits to this form of life insurance is that the company in question pays most of the cost, and in some cases, the entire cost. Any plan that does not require the employee to contribute provides an un-taxable benefit up to a maximum of $50,000 dollars. Anything over this amount will [...]
If My Employers Life Insurance Plan Ended When I Left the Job, Can I Convert it to a Personal Policy?
Given our recent economics times there has been a rise in the number of people wondering about what happens to their benefits from their employers if they are laid off. They also want to know if they will be able to enroll in an individual policy if they are dropped from their employer’s plan when [...]
If you are laid off from work for an extended period of more than 30 days, your life insurance policy will lapse; and, you will have to arrange to keep it as an individual plan. Your company may have provisions for your benefits while you are laid off, and you will need to have that [...]
Whether or not you want to buy insurance from a private company or an employer is completely dependent on what you think is best. The plan that you eventually develop and purchase is one that will be best to fit your needs and the most cost effective. Life insurance can be expensive and there are [...]
It is a pretty simple reason: your group insurance is completely tied to your employment. Should you lose your job or want to change positions and move on from that company, you will lose your current group coverage. It is also possible that the coverage it is currently providing you is not enough for you [...]
If you become unable to pay your life insurance premiums due to disability or loss of work, there are a few options that may help. First, many insurance policies include a temporary waiver of premium payments in the event of temporary unemployment or disability. You should check your policy to see if you can invoke [...]
For example: There is an office at the place that I work, that offers free information on life insurance and gives me the opportunity to buy life insurance right on the spot. There are agents there every week that try to sell life insurance to the employees. Should I buy my life insurance from the [...]
It depends on the case, but in most scenarios, no, your group insurance, social security or mutual fund assets will not cover your needs solely without life insurance. Life insurance needs, oftentimes, are greater than the funds that are available to cover those needs. If, you believe that your other funds will cover these needs, [...]