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Group policies

Many companies offer their employees life insurance or the opportunity to purchase extra life insurance under a group policy.

You may even be able to buy life insurance in a group format through a union or trade association or other groups you belong to. These groups include social groups that could be anything from your university alumni association or even your Saturday car club.

There are several advantages to purchasing a group policy. Firstly a group policy could offer you a lower monthly premium for one of two reasons. First, it could be because your employer or group actually subsidises the premium or secondly it could be because younger people in the group bring the payments down.

Secondly, there are basically no minimum health requirements in order to take out a group life insurance policy. Thirdly it is very convenient and easy to pay, as your employer will more than likely deduct it from your salary so you will never see the money that you are paying towards the policy and that in turn will help you to avoid missing a payment!

So talk to your employer about the life insurance options that are available to you and your co-workers; you might just save yourself some money.