Group life and disability income insurance offered through your employer or an association offers a convenient way to get important coverage. For many, it’s the first step in protecting loved ones from the unexpected. However, you may want to consider other options as well. As you look over what’s available, ask yourself these questions:

What if you’re in good health?

Group underwriting may not be as beneficial for young and healthy members. But the practice is considered a benefit by some people who look for group insurance in part because they may have a hard time getting insurance on their own. Individual policies tend to have more rate classes than group policies do, offering lower rates to people in the best of health. If you’re healthy, buying an individual policy could be less expensive.

How long will your rates be guaranteed?*

Another big difference between the coverage offered by an employer’s group policy and an individual policy is the number of years that rates remain in effect. Many group policies set their premiums in one- or five-year age bands, so the rate can increase every year or every five years, respectively. If you buy a term life policy on your own, you can lock in your premiums for up to 30 years.

What if your group coverage comes at a discount?

A compelling reason people sign up for association or employer provided group insurance is that the coverage comes discounted or even free depending on the source. This is an attractive draw. It is important that you still do a needs analysis to make sure you don’t need to supplement the coverage.

What happens if you leave your job?

You may not be able to convert your employer-supplied group policy to an individual policy, leaving you without coverage. If your health has changed, private coverage may no longer be affordable or available.

Do you have adequate coverage for your needs?

You can’t always select the level of coverage with a group policy. If there is a coverage gap, then you need to supplement your insurance with a private plan.

Group insurance is an option worth your consideration. You just need to make sure it’s the right coverage. Call me today. Together we can look at your options and make sure all your needs are covered.