Is Group Life Insurance A Good Idea?
10968 POINTSview profileTim WilhoitOwner, Your Friend 4 Life, Brentwood TNGroup life is a very good deal for both an employer and employee. For the employer it is a very affordable benefit to offer employees as an incentive to stay with their company usually coupled with other benefits. Employee turnover is very expensive to owners with hiring and training cost. For the employee group life insurance is usually a no cost benefit or at least low cost to the employee and can add protection for as long as they stay employed by the company. However, I do recommend that everyone have their own life insurance policy in addition to group life. If the employee were to leave the job, in almost every case they also lose their group life benefit.Answered on March 18, 2014flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.Group Life Insurance is a good idea, as long as you combine it with a personal life insurance policy that you have purchased on your own. The average time that people stay at one job is 4.4 years, with millennials (those born between 1997 and 1997) changing employment more often than that. Not every job offers life insurance, and most group policies are not permanent, so, unless you purchase a policy outside of the group, you may find yourself uninsured in your retirement years. However, most people need more coverage in their working years, so being able to purchase "double coverage" (group and private life insurance) during those years can be a very good idea.Answered on March 18, 2014flag this answer
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