Maybe you’ve been meaning to buy life insurance but just haven’t gotten around to it. If you recently got a new job, or if it’s open enrollment season, you might have a chance to get life insurance through your employer at little or no cost.
Many employers offer free life insurance as a benefit, known as group life. All you have to do is sign up, and sometimes enrollment is automatic.
Many people opt to buy more insurance, known as supplemental life insurance, through such plans. In fact, 44% of all life insurance policies in force in 2015 were through groups, including workplaces, churches and other associations, according to the American Council of Life Insurers.
Is buying group life insurance through your work a good idea? Here is a rundown of the advantages and disadvantages.