Is it best to buy life insurance through my employer's group plan or by myself?
Many large employers provide some life insurance for employees. A typical plan pays a
$50,000 or $100,000 death benefit, or an amount equal to one or two years of your salary.
According to Get a Financial Life (Simon & Schuster), "If you need more, you
might be better off buying directly from an insurance company rather than through your
employer. That's because some employers charge all employees the same rate for life
insurance, regardless of age." If your employer charges the same amount to all
employees, you might save money by buying directly from an insurer if you're in your 20s,
30s or possibly even in your 40s. If you're older, the insurance offered through your
employer's group plan may be the cheapest you can get.