Compare employer group life insurance coverage against buying an individual policy on your own.
Coverage Gap
$400,000
Additional coverage you need
Individual Annual Premium Needed
$350
To cover the gap
Employer 20-yr Cost
$0
Total employer premium over term
Individual 20-yr Cost
$7,000
Total individual premium over term
20-yr Difference
$7,000
Individual costs more
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Group vs individual: what to consider
Employer group life insurance is often free or heavily subsidized, making it a great starting point. However, it typically provides only 1-2 times your salary, which is usually insufficient for most families. Individual policies give you portable coverage that stays with you regardless of employment changes. The best strategy is usually to maximize employer coverage and supplement with an individual policy to close the gap.
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Results are estimates only and should not be considered professional insurance advice. Always consult a licensed insurance advisor before making coverage decisions.