What You Should Know
- There are several life insurance companies that offer group life insurance
- Most people take part in a group life insurance plan through their work
- Group life insurance is often cheaper than an individual policy
If you are searching for a life insurance policy, you may be curious to learn more about group life insurance options.
There are a lot of life insurance companies that offer group insurance in the United States. In most cases, group insurance a part of your benefits package at work.
Certain companies offer group programs without a business affiliation, like MetLife group life insurance.
If you do your research to learn more about group life insurance companies, you may find that group life insurance options offer you the best product for the least amount of money.
It's often easy to find affordable group life insurance plans because they are usually cheaper than individual life insurance policies.
You should still compare group life insurance rates online by researching the best and cheapest life insurance companies. This will help you know for sure you are getting a good deal going with your job's group life insurance plan.
Before you buy group life insurance through your employer, be sure to use our free tool above to compare life insurance rates and learn more about your options.
What are the top group benefits insurance companies?
There are countless life insurance companies with group plans for life insurance coverage. Most likely, the company you choose for your group life insurance will be the one your employer uses.
Some of the most common life insurance companies that offer group life insurance plans include:
- Guardian Life Insurance
- Nationwide Life Insurance
- New York Life Insurance
- Transamerica Life Insurance
- State Farm Life Insurance
- Unicare Life Insurance
- Anthem Life Insurance
- AIG Life Insurance
- USAA Life Insurance
- GEICO Life Insurance
- Mutual of Omaha Life Insurance
- Liberty Mutual Life Insurance
- Cigna Life Insurance
- Prudential Life Insurance
If you are interested in any of these companies, you could contact an agent to learn more about their group plan options.
For instance, you could use the Cigna group insurance phone number or the MetLife group life insurance phone number to ask specific questions about the products offered and how you could take part in one of their group plans.
You may worry about encountering some of the worst life insurance companies that offer group coverage, but you don't need to stress about it. You can always research any company before deciding to purchase a policy.
If you don't like the company your employer uses for the group insurance plan, you have options. You can shop around and choose a different type of life insurance policy. However, if the coverage at work is free, you may want to keep it and add extra coverage with an individual policy.
What are some of the benefits to a group life insurance policy?
There are a few main benefits to having a group life insurance policy:
A group life insurance plan is highly convenient. As a part of your benefits package with work, you may have the opportunity to enroll and pay your monthly rates before you get your paycheck.
You don't have to make many decisions, and most of the work of setting up the policy is done for you.
The cost of a group life insurance plan is another benefit. In the vast majority of cases, a group life insurance plan is much cheaper than an individual policy.
In some instances, a simple life insurance policy may actually be free through your employer, so you don't have to pay for your coverage.
Guaranteed acceptance is a huge benefit to a group policy. While there are some exceptions to the rule, a lot of group policies will allow you to take part even if you have a serious medical condition that may otherwise derail your chances of finding an affordable policy.
Lastly, the hassle-free nature of a group policy is also a benefit. When you don't need to shop around for rates or consider changing policies or companies, it helps take a lot of stress out of the experience.
Are there drawbacks to purchasing a group life insurance policy?
With all the benefits listed above, you may think a group policy is a no-brainer. But there are some drawbacks to most group life insurance plans.
Because most people purchase group life insurance through their employers, you could lose your coverage if you retire or change jobs.
A group life insurance policy through your employer will often be a simple term life plan. This offers very little choice or variety when it comes to choosing the plan that works best for you.
Group life insurance plans also tend to have low coverage limits, which makes sense when you consider your employer is probably footing the bill. The low limits may cause you to wonder whether a group life plan truly offers enough coverage for your loved ones.
Should I buy a group life insurance policy?
If you have the opportunity to take part in your employer's group life insurance plan, you should consider it—especially if it's free.
A group life insurance plan is a good base coverage. You could use it as a supplemental form of life insurance coverage while also purchasing an individual policy if you are wondering how much life insurance you need.
While you are looking at group life insurance quotes, be sure to use our free tool below to compare quotes for personal plans to see the price difference.