Compare Life Insurance Companies That Offer Group Insurance (2022)

There are plenty of reasons you may be interested in a group life insurance plan. If you plan to purchase your life insurance through your employer, or if you already have an existing life insurance policy and are interested in rolling it over into something your current job offers, you may want to learn more about life insurance companies that offer group insurance.

There are many employers who will offer group term life insurance to full-time employees with different life insurance companies. Typically, this type of offer is consistent with other benefits, such as a retirement plan or health insurance coverage.

Finding savings opportunities with group life insurance is pretty common. The single contract or blanket coverage option that covers the entire group of people may make it more affordable to purchase a life insurance plan.

If you have a full-time job and are interested in finding affordable group life insurance, check with your employer to see if you can purchase a group policy through your place of work.

You can also look for group life insurance quotes online to compare what you would be paying through your plan at work to other plans that are offered online.

But before you buy group life insurance through your work, you should enter your ZIP code into our free tool above. You’ll be able to compare rates and see what would work best for you when it comes to a life insurance policy.

What life insurance companies offer group life insurance?

Depending on where you live, you may have access to countless life insurance companies that offer group life insurance plans. If you have a full-time job, but you’re not sure whether your employer offers a group life plan, you can check with your HR or accounting office to learn more.

While there are many life insurance companies to choose from when it comes to a group life plan, some of the most popular companies include:

• Guardian
• Nationwide
• New York Life
• Transamerica
• State Farm
• Zurich
• Unicare
• Anthem
• AIG
• Mutual of Omaha
• Sun Life
• Lincoln Financial
• Liberty Mutual
• The Hartford
• Cigna
• Prudential
• MedLife

If you are interested in a particular life insurance company, but you don’t see it on the list, you should still check to see whether that company offers group life insurance plans. This list is not exhaustive; it simply includes some of the most common companies people choose when purchasing a group life insurance policy.

There are plenty of group life insurance companies to choose from, but you may also run into several life insurance companies that don’t offer group insurance. If this happens to you, don’t get discouraged. Keep researching online to compare quotes from multiple companies and see which companies offer the most affordable life insurance quotes.

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What is the benefit of a group life insurance policy?

Group life insurance policies are a type of life insurance policy in which one blanket coverage contract covers a group of people.

Group Life Insurance Pros & Cons

As you can see from the table above, there are benefits and drawbacks to purchasing a group life policy.

In most cases, the owner of a group life insurance policy is an employer — or sometimes a labor organization — that wants to offer group life insurance as part of an employee benefits package. This type of package will often include health insurance options and retirement options as well.

The major appeal of a group life insurance plan is that the rates are much lower than those associated with a similar plan on an individual level. Because of the low cost associated with a group plan, you should consider purchasing a group life insurance plan through your employer if this is an option for you.

There are additional benefits to some group life insurance policies, like payroll deduction, which makes it possible for you to pay for your coverage straight from your paycheck every month.

But you need to read all the fine print and details very carefully before committing to a plan. Certain aspects of a group life insurance policy, like any group term life insurance taxes, may otherwise be an unwelcome surprise.

Should I get a group life insurance policy?

If your employer offers the option of purchasing a group life insurance policy, you may want to consider it.

You may not want to invest in the group life insurance policy if you know your time at your job will be short-lived or if you already have a life insurance policy elsewhere. Still, a group life insurance policy might be a nice addition to your coverage, depending on how much the monthly rates would cost.

In many ways, purchasing a group life insurance policy through your work is a good idea. There are instances where you will have to pay little each month, and having a group life insurance policy with your employer does not disqualify you from carrying a separate life insurance policy on your own or through another company.

You can always ask a life insurance agent about any of your questions or concerns. An agent should be able to help you decide whether a group life insurance policy would be beneficial for you.

If you’re not sure what type of life insurance policy you want, be sure to use our free tool below to compare group life insurance rates with other life insurance policy rates to see what works best for you.

1. https://www.iii.org/article/how-much-life-insurance-do-i-need

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