Group vs. Individual

**Financial Consideration: Are Your Group Life Insurance Premiums Set to Increase Every Five Years?** If the answer is yes, you may want to explore transitioning to an individual policy that remains in force after retirement.

**Group vs. Individual Life Insurance Policies**

Group life insurance policies are typically obtained through employers and can be quite affordable when you are younger. While free benefits are advantageous, if you are paying premiums, it is essential to evaluate your options and determine if there might be a superior alternative available.

Here are several common drawbacks associated with group insurance plans:

1. **Coverage Continuity:** Often, coverage may not extend beyond your employment. If there is a provision for portability after retirement or termination, you should consider the associated costs.

2. **Premium Increases:** Premiums can see significant hikes, potentially every five years. Although this may not appear concerning at a younger age, by the time you reach 50, premiums can become substantially more expensive. It is advisable to consult your human resources department to understand how much your premiums are expected to rise over the next 5, 10, or 20 years. This information can help you make an informed comparison with other options available in the individual market.

An individual policy provides the advantage of maintaining coverage regardless of your employment status, and depending on your health, the rates may also prove more budget-friendly.

Take steps to prevent premium increases and secure coverage that remains with you beyond employment.

Request a No Obligation Life Insurance Quote or Policy Review.

Alternatively, you may reach us at 901-754-2040.

*Please note, we do not operate as stock brokers or financial advisors and do not provide investment advice.

For more details, please refer to our Professional Disclaimer.