Is it possible for an individual to maintain group life insurance coverage after they depart from their job?

Group life insurance is a valuable employee benefit that can provide life insurance coverage at little or no cost. However, it is usually tied to your employment and does not stay with you if you leave your job. Additionally, the coverage from group life insurance policies is often limited to $50,000 for tax reasons.

Fortunately, there are several individual life insurance options available through insurance companies. Whole life insurance is a permanent policy that provides lifelong coverage and includes a cash value growth component that grows at a fixed rate. Universal life insurance is also a permanent policy with a cash value growth component, but it offers more flexibility in premium payments and interest rates. Term life insurance is a more affordable option that provides coverage for a set period, usually 10-30 years.

While group life insurance is a great benefit, it's important to consider individual life insurance policies to maintain coverage regardless of your job status. Term life insurance may be the best option if you're looking for affordable premiums and a large death benefit, while permanent life insurance is a better choice if you want lifelong coverage and a cash value component. Consider your options carefully to find the best individual life insurance policy for your needs.