Thursday, 14 July 2011

Group Life Insurance: is it worth it?

A common employee benefit in Canada is group life insurance. The increased savings available at group rates is a good opportunity to offer more for your employees; individual life insurance policies are often much more expensive.

What is Group Life Insurance?

When a company or association insurances a number of related people under a life insurance policy, insurance companies will refer to this as group life insurance. Many policy holders often find one of the main perks of getting group life insurance is medical examinations are usually not required. For more info, see Wikipedia's article on life insurance.

Finding a Group Life Insurance Broker

When you need to find a broker for group life insurance, there are a few ways to find an efficient and friendly broker who will find the most cost effective solution for your needs.
  • Recommendations: Ask around and see if your friends or family members have spoken with a group life insurance broker recently
  • Proximity: If you pass by a brokerage near your home, or workplace, they may offer group life insurance policies. Walking in and asking questions are great first steps with deciding.
  • Online reviews: Just like restaurants, products, and movies, you will probably be able to find a review of a broker nearest you

Getting the Best Rates for Group Life Insurance

When discussing options with your group life insurance broker, it is best to prepare a short list of questions before arriving. Finding a knowledgeable broker with experience dealing with the type of insurance you need can help you in the long run, so remember to take your time when finding the most appropriate broker for your needs.

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