What Are Some Of The Contrasts With Individual Insurance?
Free Insurance Quote Comparison
Secured with SHA-256 Encryption
UPDATED: Jul 16, 2021
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
Life insurance under a large group plan usually involves little or no underwriting. If you work at the company, you are automatically covered. Smaller group plans sometimes require some underwriting—the smaller the group, the more underwriting they may require. Individual policies often require you to prove insurability by supplying medical information and perhaps submitting to a medical examination.
Under group life, the company is the policyholder, so company management determines if the insurance is to be continued or modified. In companies with unions, the union’s labor contract may also specify some of the terms of the coverage. If you have an individual policy, you control the policy and you can take steps to have it have it modified or terminated yourself.
Group life coverage does not continue if you quit your job or are terminated, though you probably have an option to convert to a permanent individual policy within 30 days.
A personal life insurance policy is not related to your employment and so it will continue when you change jobs.