Longmont Colorado Life insurance
We often get asked the question; “is it better to buy my company-provided life insurance or buy life insurance on my own?” As with most things life insurance-related, there are big variations in life insurance coverage and price. We recommend you consider looking at an individual plan first. Let’s look at some of the differences between group life insurance plans and individual plans.
Group life plan problems
- Group plans tend to have higher premiums
- Rates may change from year to year
- Group life insurance cannot be tailored to your individual needs
- You have a limited amount of coverage available
- You do not have a choice of insurers
- Group insurance may not be portable which means that you can’t take it with you if you leave your employer (or your employer leaves you!).
Individual life plans benefits
- You can shop around to get the best deal
- Premiums are generally less
- We can design a plan to meet your family or individual needs
- You have the option of higher limits
- Premiums can be locked in over a long period of time
- The policy is portable and can be adjusted as your life needs changes
The safer and smarter move is to buy life insurance on your own. Even if you are interested in the deal offered through work, at least compare your costs for that group plan to what you can qualify for in an individual policy. Watch this video for more details!
For a complete review of your life insurance needs, please contact Gail from Mountain Insurance: Longmont at 303-808–9351 x5.