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[VIDEO] Group Term Life vs. Individual Life Insurance

woman typing on a laptop working at home free and happy. thinking looking outside

By Selene Garcia | January 10, 2019

You might wonder which one is better, group term or individual life. Truth is, the free stuff at work typically won’t replace your economic value because the group term coverage is just a small token of what you really need. Also, if you lose the job, you lose the coverage – it doesn’t follow you. While the free coverage is nice to have, it’s more than likely not enough coverage to really protect those who love you.

So take 10 and listen to Byron dispel the myths, and explain the truths, about group term insurance you get at work, and an individual life insurance policy you purchase on your own.

He’s crazy knowledgable right!? Now that you’re clear on the facts, take our nifty calculator for a spin. Once you’ve nailed down the coverage you need, give us a buzz.

We’re old school so you’ll have to speak with a real person, but we’re guessing that’s the type of service you’d expect.

Nifty Life Insurance Calculator

Our Life Insurance Calculator can help you get a rough idea of how much coverage you’ll need to make sure your family is okay financially when you die.

  • Annual income before tax: $

    Annual income is an important factor in determining your needs, but it’s not the only one. When you die, your life insurance is like your final paycheck.

  • % of income needed by dependents:  %

    Because you’ll be gone, presumably they won’t need as much as you’re currently earning.  Typically, 80% of your current income is a good place to start.

  • Your Age: years

    The younger you are, the more years of your income your family stands to lose when you die.

  • Number of years benefits are needed:  

    If you died tomorrow, how many years of income do you want to provide for your family?

  • Annual inflation rate (estimate):  %

    Because of inflation, in order to maintain your family’s current standard of living, you’ll need to plan for increases in their annual income to keep pace.  Historically, inflation has averaged between 2% and 4%.

  • Annual interest rate (estimate):  %

    This is an assumption as to how much you believe your spouse will be able to earn on the death benefit proceeds. We have found that most surviving spouses are usually very conservative in how they invest the death benefit. The most common thing we see is that the money gets deposited into a bank account. You know your spouse better than anyone. Pick a number that you feel your spouse will be able to comfortably earn on the proceeds.

  • Based on the information you provided, you need about

    of life insurance to replace your income for the next years.

Now, call us at 877-794-9817 and let’s chat about the types of coverage that may make the most sense for you.

Keep Reading and Learn How to Save Money for Life

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