1. Group Life Insurance or Individual? If you are lucky enough to work for a company that offers Group Life Insurance, should you take it or should you just purchase an individual life policy on your own? Nearly 60% of employees have access to life insurance through their work, commonly referred to as Group Life Insurance. For some employees, the policy coverage amount is a flat amount, i.e. $25,000-$50,000, and for others, it is based on their salary. One of the advantages to group life insurance is its convenience--you sign up for it at work, and your premiums (if you purchase additional coverage) gets deducted from your paycheck. Another advantage is that it is Guaranteed coverage--meaning that there are no questions, no lab tests, and no underwriting. Two distinct disadvantages to group life insurance are one, if you were to become ill and unemployed before dying, the insurance may not pay. And two, it is not portable, which means you cannot take the policy with you if you leave your current employer. Most group life policies are considered "basic term life," and can be added to with a Supplemental Term Life policy if offered by your employer. It can be 2 or 3 times your salary and can be added to the basic life policy. Once again, this policy stays with you only if you continue your employment with the same company. It is not portable. An Individual term life policy is purchased by you, outside of the workplace. Although underwriting takes place--medical questions are asked and you labs are taken, if you are in good health, you will experience significantly lower premiums than you would

2. purchasing extra or supplemental insurance through your group life insurance orange county plan. With an individual term life policy, the length of your policy is locked in for a certain amount of years, for example 10, 20 years, regardless if you stay with your current employer. Your premiums stay fixed unlike premiums with supplemental insurance (that typical increase each year as you age). And there are no work related restrictions since you own the policy. So how do you decide which type of life policy to take--Group Life (basic) or individual? Basic term life offered through your employer is generally free, so it's smart to accept it if it offered. Who doesn't like free? But because the coverage will be minimal, it's best to have additional life insurance--either a supplemental plan bought through your employer or an individual policy through a licensed agent. Looking for an affordable life insurance company in Orange County? Visit BJF Insurance Services near you.