As long as you're still on the payroll of the company, your group term life insurance policy should still be active. Denise Mancini Disclaimer: I work for AccuQuote and this is my personal opinion.
The cost of term life insurance would depend greatly on certain factors such as age, health, habits, work. Each term life insurance company has many different plans with different rates.
This is a term that is generally used for a policy that is available to a ''group'' of people, such as all the employees at specific work place.
Almost all local insurance agencies will be willing to offer you a life insurance plan that is adequate. Your place of work will also offer life insurance. It is often an added bonus, but if not, may be purchased through them at a group rate.
Yes, unless your health condition is expected to be fatal in the next few years. However, if the condition shortens life span, your insurance rate will be higher. You could also consider life insurance through work or a mortgage payoff life insurance, which you can qualify for even if term life insurance is out of reach.
If you are referring to group term life insurance the answer is no. The policy is a group policy and the policyholder is the company and the employee only and a spouse has no right to the policy. Sometimes there are individual life insurance policies sold to employees on a payroll deduction basis and they are group billed to the employer. These policies are able to be taken by the employee if they change employer and they can just change the payment type so that they pay the policies themselves.
It would depend on what the contract said if it was term life or not.
The term actuaries refers to a person who calculates the insurance risks and and premiums. They have to judge the risks regarding life insurance to work out the premiums they should give to that person or company.
Those who have dependents, debts and a limited budget are logical candidates for term life insurance. Term life insurance will cover the critical years of your life when debts are high and budgets are tight. This way, if you die, your family can use the death benefits to pay off all your debts and still have enough to survive on. Disclaimer: I work for AccuQuote and this is my personal opinion.
Keep in mind that usually life insurance through your employer does not leave with you when you leave work. So if it is 10 years and you decide to leave, you will at that time have to get your own individual life insurance. Now you are 10 years older and your height and weight could be different and you could have medical conditions. Yes, it is a good idea to get life insurance in addition to your work insurance. This way you will be covered at a younger age.
Before looking for different companies that sell term life insurance, one should check with their place of employment to see if they sell term life insurance. If one's employer offers this as a benefit, it will be the most affordable option because the company general helps pay for the coverage. If one's place of work does not offer this as a benefit, Met Life, All State, State Farm, and Farmers all offer term life insurance at reasonable rates, while still being reputable companies.
Universal Life Insurance Policies work by giving death benefits when one dies. Unlike other life insurance policies, universal life insurance policies generate interest over time.