Facts & Articles On The Different Types Of Insurance

Group Life Insurance - Does It Properly Cover You?

Group life insurance is a common workplace benefit. Since it is cheap, why not take it? But you need to look at what you are actually getting.

Group Life Insurance- What Do You Get?

In a lot of situations, the amount of group life insurance that you get corresponds to your salary. The percentage is usually one to two times your salary. This level of coverage is insufficient to cover a family in the event of the main breadwinner passing. The rule of thumb in the life insurance industry is that you need 70% of your net income after taxes, to recover from the loss of income. The family may even need more if there is still debt and especially if any member of the family has health issues as well.

What Happens To Your Group Life Insurance Policy If You Change Jobs?

With the change or loss of your employment, your group life insurance policy will be gone. If, in between jobs, you should develop a health issue, getting a new policy could be difficult with your new employer.

Is Group Life Insurance Best For The Long Haul?

No. In order to properly prepare your financial future, it will benefit you to have your own life insurance policy. Then the life insurance policy can be added to the coverage from your employer to give you a decent amount of coverage

When Is The best Time To Buy Life Insurance?

If you've been stalling buying your life insurance, contact an independent life insurance broker who can collect information from any number of companies. He will gather basic information from you in terms of your age, sex, health and recommend a medical so you can get a cheaper premium from a carrier. The sooner you do this the cheaper the premiums will be, for your life insurance. Overall, you can have control of your policy, which you don't have with group life insurance.

Ivon T. Hughes of The Hughes Trustco Group is the author of the Life Insurance Handbook: How To Get The Best & Cheapest Life Insurance available FREE to all new subscribers at: http://www.hughestrustco.com

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