Jul 03
Group Term Life insurance? A good deal, or not?
This is the type of coverage that, in addition to what you might be getting free at work, is available as an optional benefit (at a cost) to many employees.
Typically, it does not require the level of scrutiny to qualify for it as individually underwritten coverage. Sometimes, it is just a matter of signing up with no underwriting. As such, the insurance company anticipates that they’ll get some good risks, along with some bad ones. Without the ability to screen out the bad risks though, the price must necessarily reflect the lact of underwriting.
So, in short, group term life is more expensive than individually underwritten coverage, assuming you’re healthy.
More after the jump…
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