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Russ MacDonaldNowadays, it appears to be the norm for a workplace to have a group benefits package. With that package comes life insurance coverage as part of the plan.

Many individuals assume this may be all they need when covering their lives. Are they correct on their assumption? Should they rely directly on group coverage alone, or should they look as well at term insurance on the personal side? Hopefully, the points below will assist you in determining your questions.

Group Life Insurance


Most group plan generally must elect some life insurance coverage. Below are some main points with this type of coverage:
  • Options are usually a flat amount to 1 to 5 times salary
  • Higher elected amounts require medical evidence
  • Pricing is reviewed annually and blended based on average age and sex of members — which means it could increase
  • Conversion options without medicals are available, but options are limited
  • Employers hold control of the plan.

Personal Life Coverage (Term)

  • Benefit amounts are tied to personal need and circumstance very high amounts available
  • Available in 10,20,25 and 30 year terms
  • Pricing is locked in for the duration of the term selected and cannot be changed by the life insurance company
  • Conversion options without medicals to longer terms or to permanent coverage with a variety of options available
  • The individual holds all the control
At the end of the day, if an individual wants control of their plan, the cost known in advance, less fluctuations in cost, added flexibility in their plan, numerous options to choose from, and benefit amounts at a higher level based on their personal needs and objectives, then they should have some form of personal coverage in force on their life. How much will depend on each individual's personal needs and objectives. If you have any questions call me today.

If you would like additional information on this valuable coverage, please don't hesitate to contact me.

-Russ MacDonald
Heritage Insurance Ltd.

Heritage Insurance, Ltd. offers life insurance policies. Call us at (800) 667-7640 or contact us online to get started.
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