Reader’s Question:

I would like to know the disadvantages of getting group life insurance policy from my employer based in Miami Florida FL.

Nelly

Miami, FL

One of the disadvantages of acquiring life insurance policy from your employer which you need to consider is that it’s difficult to obtain a customized policy that meets your individual needs. For example, the amount of coverage may be considerably less than what you require to be adequately protected as compared to having an individual life insurance policy which you can easily get customized to your needs and lifestyle. Your employer’s group life insurance policy may give you the option of purchasing more coverage for an additional cost. You can always shop around for free quotes of policy choices to supplement your employer’s coverage. This website can get you some free quotes and I strongly suggest you shop for free quotes online first before you buy anything. Free quotes can be obtained from many websites like this one with no obligation at all.

Remember too that if you leave your job, any life insurance coverage obtained through that employer will probably end with your departure. This could leave you under-insured or without any coverage at all at a time when it may be difficult for you to qualify for an individual policy due to your age and other factors like a medical condition that you might develop in the future. Because of this, it might not be very prudent to rely on an employer’s group policy as your sole or primary source of life insurance coverage, although you can sometimes convert membership in a group policy to an individual policy upon leaving the group.

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