Term-Life Insurance Might Be the Best Deal

It will soon be open enrollment time at many workplaces.  As you sort through your health insurance options, you might also find an opportunity to purchase term life insurance.

Don’t check that box yet to purchase.

If this is a voluntary benefit – which means that you pay the full cost – it is smart to shop for term life insurance on your own first.  If you are young and healthy, you will likely find lower cost term life insurance if you buy on your own rather than through the workplace.

That’s because group insurance usually has very little underwriting – which means if you have existing health conditions, you still may be able to get insurance. That’s good news – and probably a good purchase – if you have health conditions. But it costs more.  So if you are generally healthy, you might find that buying term life insurance on your own can cost you a lot less. That’s because you are a better insurance risk than those with health conditions. Plus, you’ll have the policy no matter where you work, as long as you keep paying the premium.

Shopping for term life insurance online is easy.  Go to sites like www.iquote.com and simply fill out the information.  Match it as close as you can to your offer from work so you can get a good comparison. You’ll receive term life insurance quotes from a number of insurance companies. That’s another reason to shop on your own – term life rates can vary dramatically from company to company.  And you can always talk with an agent to make sure that you are selecting a plan that best fits your needs.

So before you check that life insurance box at work, find out if you can save or buy more coverage on your own for the same price by purchasing an individual term life insurance policy.


Bookmark & Share