If your employer offers free life insurance during open enrollment this fall, grab it. But if your workplace lets you buy additional coverage on top of that, ask some questions before spending any money.
Buying group life insurance through an employer is convenient. And if you have a health issue, you could find it easier to qualify for a good price; you might have to answer a handful of health questions but generally won’t have to take a medical exam.
But with coverage purchased through an employer, “the employee is generally not in control,” says Brian Ashe, executive vice president of Life Happens, an educational nonprofit supported by insurers and brokers. The terms vary depending on the contract between the employer and insurer. If you want to buy more insurance beyond the freebie at work, you might find a better deal elsewhere.
Barbara Marquand | NerdWallet