“I already have life insurance from work; why do I need to get it personally?”
While it is great to have group insurance coverage from your employer or association, it is important to understand that there are differences when it comes to group life insurance and self-owned life insurance. The key differences are in ownership, premium, coverage, beneficiary, and portability.
- Self: You own and control the policy.
- Group: The group owns and controls the policy.
- Self: Your premiums are guaranteed at policy issue and discounts are available based on your health.
- Group: Premiums are not guaranteed and there are no discounts available based on your health. The rates provided are blended, depending on your group.
- Self: You choose based on your needs.
- Group: In a group plan, the coverage is typically a multiple of your salary. If your coverage is through an association, then it is usually a flat basic amount.
- Self: You choose who your beneficiary is, and they can choose how they want to use the insurance benefit.
- Group: You choose who your beneficiary is, and they can choose how they want to use the insurance benefit.
- Self: Your policy stays with you.
- Group: Your policy is tied to your group and if you leave your employer or your association, you may need to reapply for insurance.
Talk to us, we can help you determine the best solution for your situation.