Group Life Insurance

Group Life Insurance
If you are employed, you probably have this form of life insurance
through your employer or union.  Usually, it is term insurance (available to age
65) under which a master contract is issued to a group policyholder.  As a
member of the group, you receive a certificate as evidence of your
coverage.  For large groups, group life insurance is often issued without a
medical examination or other evidence of insurability.
Your group insurance is a vital element in your total insurance
coverage.  But the coverage usually terminates if you cease to be a
member of the group.  Check to see if the plan allows you to convert to an
individual policy if you leave the group or if the coverage terminates for other
reasons.
Since group insurance through the workplace may not be available,
do not overlook your membership in professional associations, clubs, alumni
groups, unions or lodges.  Find out if you can obtain life, health and disability
insurance through an association that covers members.  Such plans can be
a cost efficient way of obtaining coverage.  But be aware that group plans
can also be changed or discontinued by the sponsoring group