Maybe not. Group life through a union or job is often a small amount, and it can end when you leave.
Union life is group life. Texas says unions, churches, and employers offer it. You usually do not answer health questions.
The amount is often small. Texas says a basic group plan through work often pays one or two times your yearly pay, or a set cap. The NAIC says group coverage is usually less than you need.
It may not follow you. Texas says job coverage usually ends when you leave. In Washington, the law lets you change group life to a whole life policy when you leave, but it costs more.
Figure out what your family needs. Texas says to think about your debts, the income your family would lose, and bills they would have.
Keep the union plan. If it is not enough, add your own policy that stays with you.
- How much does it pay?
- Does it end if I retire or leave?
- Can I convert it to my own policy?
- Can I add my spouse?
- Who is my beneficiary on file?
More questions
What happens if I retire or change jobs?
Coverage often ends. Ask if you can convert it. Washington says group life there must allow a change to whole life, at a higher cost.
Is group life cheaper?
Often. Texas says group risk is based on the whole group, so the cost is usually lower than a policy you buy yourself.
Words to know
- Group life
- Life insurance offered by an employer or group to its members. You usually don't have to answer health questions, and coverage often ends when you leave.
- Whole life
- Permanent insurance that lasts your whole life as long as you pay. Premiums, death benefit, and cash value are guaranteed.
