Should You Buy Group Term Life Insurance?

Minimal or no underwriting (good choice for the elderly)
Usually Cheap
May offer coverage in $1,000 increments
Good way to get some quick coverage
No medical questions
No taxation of the death benefit
May include riders or options
Payable directly to your named beneficiary

Drawbacks of group plans:

May only offer a flat amount
Can be limited to several times your salary
You may not be able to keep your coverage if you leave the company
You may have to answer medical questions to buy additional amounts
Cost is based on your age
There is potential that an employer may see your personal health info
The IRS claims policy cost in excess of $50,000 may be taxable to employees
You are stuck with the agent that sold the company the plan
May only allow you one beneficiary
May restrict you to term insurance or accidental death coverage
You may have to depend on your employer to file the life insurance claim.

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