Indiana Group Life Insurance
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Group Life Insurance is a fringe benefit from your employer and it is normally limited to a fixed amount of coverage, in some cases based on your annual wages, or it is a fixed amount.
The biggest advantage with group life insurance is that the cost is usually covered by your employer.
The disadvantage of group life insurance is that your coverage will only last as long as your employment with the company, or as long as the company decides to provide this benefit to their employees. When you retire, quit, or are involuntarily separated, your coverage ends typically within 30 days.
Are There Circumstances Where You Should Not Rely upon Group Life Insurance?
Let’s assume others are dependent upon your income and they would suffer financially in the event your income stops. You should not rely upon group life insurance in this instance because typically the amount of coverage is not sufficient.
Example: your annual earnings are $50,000 per year and your employer provides $50,000 of group life insurance. In the event of your untimely death the $50,000 death benefit will last your family only one year.
Would that be a sufficient amount of money to care for your family’s needs? No, therefore group life insurance is not a suitable substitute for your overall life insurance protection.
Group life insurance will complement or add to your overall insurance protection, but you should not rely upon group life insurance because, as in most cases, it is insufficient to care for your life insurance needs.