Why Group Insurance Isn't Enough. Secure Your Future with Individual Life Insurance.
Do you have clients who rely solely on their employer's group life insurance? While group life insurance provides a foundation, an individual life insurance policy offers personalized, comprehensive coverage that secures an individual’s future, no matter what life throws their way.
There are a number of advantages of having an individual life insurance policy in addition to group coverage:
Portability: Individual life insurance policies are not tied to one’s employment. If person changes jobs or lose their job, their individual policy remains in effect, ensuring continuous coverage.
Customizable Coverage: Individual policies can be tailored to meet a client’s specific needs, such as the amount of coverage, term length and additional riders (e.g., critical illness, disability). Group policies typically offer limited customization.
Stable Premiums: Premiums for individual policies are usually fixed for the duration of the policy term, while group coverage premiums can increase with age or due to changes in the employer's plan.
Adequate Coverage: Group life insurance coverage is often insufficient to meet all financial needs (e.g., paying off a mortgage, funding children’s education, replacing income). An individual policy allows clients to obtain additional coverage to fill these gaps.
Health-Related Considerations: If your client develops health issues, they may find it difficult or expensive to obtain individual coverage later. Securing an individual policy while they are healthy ensures that they have coverage regardless of future health changes.
Benefit Flexibility: Proceeds from an individual life insurance policy go directly to a client’s beneficiaries without restrictions. In contrast, group life insurance benefits may have limitations or may be subject to more bureaucratic processes.
Tax Advantages: The death benefit from an individual life insurance policy is typically tax-free to one’s beneficiaries, providing financial security without additional tax burdens.
Supplemental Benefits: Individual policies often offer additional features and benefits, such as accelerated death benefits, which allow access to a portion of the death benefit if a terminal illness is diagnosed.
Coverage Consistency: Group life insurance coverage amounts and terms can change based on the employer's discretion or changes in the employment policy. An individual policy provides consistency and peace of mind.
Don’t leave your clients security to chance. Complement their group life insurance with an individual policy for unmatched peace of mind and comprehensive coverage.
Contact your rep today to learn more about how you can secure your clients future with a personalized life insurance plan.