Reader question:

What are group life insurance rates in Texas like?

Pat

Glad you asked, Pat.

Group life insurance rates in Texas are typically offered by the company you work for, and the prices are generally very cheap. Depending on your company, its size, and your own position within it, the amount you will benefit will vary. Some companies even allow you to add your spouse and your kids onto your group life insurance plan.

Group life insurance rates in Texas are usually determined by all of the people in your workforce. If there are a large number of smokers, you will pay more. If you have more women than men (since women have longer life expectancy), then you will pay less. Most employers offer you a guaranteed policy, so you can be insured through them even if you have medical conditions.

One thing that you should remember about group life insurance, though, is that the benefits are not very high. It is good as a companion policy, but if you keep it as your only life insurance policy, then it is not very good protection. Instead, you should get a separate policy as well.

take care,

Fashun.