Group Insurance

Before Seeking Life Insurance Quotes, Consider This: Individual or Group Insurance
Executive Summary about Group Insurance by Ryan Patterson

Before comparing life insurance quotes, whether you're buying term life insurance or universal or whole life insurance, you'll have two basic categories to consider: Group policies and individual policies.

If you're employed by a company or individual who contributes to your life insurance costs, then you're sitting prettier than many folks, and your choice becomes whether or not to purchase a supplemental policy. Hopefully your boss?or your boss's bosses?will pay a sizable chunk of any permanent or whole life insurance premiums you have. The downside to a group policy is that you often can't choose the company or the extent of coverage.

If you're self-employed or your employer doesn't subsidize life insurance (or the company doesn't offer what you want?let's say you want a no-exam life insurance plan or a term life insurance plan), then you'll gravitate toward an individual policy.

Also, you might find life insurance through your credit card company or some lending institution, such as your bank. If you're going with a credit card company, be sure to read the fine print and research the policy heartily before signing up (or speak to your financial adviser or insurance agent). Then your group coverage can be used to add to your personal coverage and help meet your total insurance needs," the online organization recommends.

What are the Benefits to Group Insurance?
Executive Summary about Group Insurance by Diana Wright

What are the benefits to Group Health insurance oppose to Personal Insurance?

Group health insurance has many advantages over personal health insurance as it insures a group as a whole rather than looking at each individual health and their situation. The coverage offered by the group insurance plan may be better than that given to you on a personal health insurance plan, such as larger amounts of life insurance, and a certificate is provided detailing the coverage in full.

Group health insurance – where do I sign up?

Signing up to the group health insurance via the company you work for is relatively straightforward and the company will do most the work for you.

Are there any disadvantages to Group Health insurance?

You may be disadvantaged in group health insurance if you are young and healthy, because you are grouped all together some people in the group may be older and not as healthy as yourself and so you’ll pay more than if you had personal insurance.

Always read the policies in great detail before you sign up to group health insurance schemes as there may be many restricted areas such as inflation protection may not be offered to you as a group.