Group Health
Question
Is it better to buy term insurance individually than from employer or group plan if I am in a good health?
3 weeks ago - 5 answers
Best Answer
Chosen by Asker
Individually you will have a better choice but it will cost you more. Just read up on the various plans and make up your own mind.
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3 weeks ago
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Other Answers
No. It's impossible to say what is better, or not better, without you having set a GOAL for the insurance to accomplish. In general, group term insurance is CHEAPER, because many times the employer pays a part of it. BUT, if your employer forgets to pay the bill that month, and you DIE, then you have no coverage. Or, if you leave your job, and don't convert the policy, well, that means you're uninsured, also. Me, I never trust someone else to look out more for my financial welfare than myself. So *I* have private insurance. I can get a higher limit that way, too. You, you need to set the goal you want the insurance to accomplish, and go from there.
by mbrcatz- 3 weeks ago
It depends on the employers plan. In many cases the rates are based on the group average. If you are healthier/younger than the average the employers insurance will cost more. Even if the employers coverage is cheaper you need to investigate what the conversion options are so you don't lose the insurance if you leave or get laid off. You might develop a medical problem and find out you can't get insurance on your own.
by Howard L- 3 weeks ago
Hiya: Always always always get group life insurance through your employer. You get it for pennies on the dollar over individual term insurance. However - the danger there is if you don't have your own insurance and you lose your job....you lose your insurance, too. So... Yes - you should buy your own individual insurance. Term insurance is a lot cheaper than universal coverage but any life insurance is going to be cheaper the younger you are and the healthier you are. Good luck.
by Jifr- 3 weeks ago