By: Carolyn Mathas
One would think that group term life insurance is a cookie-cutter exercise, no matter who is offering it. That can’t be farther from the truth. It’s the size and the strength of the group that determines how competitive the insurance offerings might be.
For example, finding a group that is extremely large in size, has a long-standing history in the marketplace and also a history of discounts and declining rates makes the most sense, and will beat many smaller groups every time.
There are many things that set such a group apart from its peers, including the depth and breadth of available options for the insured and also their family members. But let’s say that you have access to such a group through IEEE, in conjunction with its group insurance partner, Mercer Consumer, a service of Mercer Health & Benefits Administration LLC* (“Mercer Consumer”); then what? How do you continue in a manner that makes sense for you?
Figure 1. One look at the number of words used in life insurance punctuates the complexity of finding exactly what’s needed. (Source: iStock Photo)
It’s best to approach the task asking yourself questions that only you can answer for you and your family, including:
Are you protecting your family in case of your untimely death?
Are you ensuring that life will go on for your family without financial concerns?
Are you looking to deal with specific large expenditures, such as paying off your mortgage?
What is your risk comfort level? Does it match your family’s requirements?
Are you most concerned about tax ramifications and benefits at this time in your career?
Do you have potential health concerns that might impact your ability to purchase insurance in the future?
How do your work benefits and group life come together as part of a big picture financial plan?
How does your stage of life come into play as far as group insurance decision making?
What is the downside of putting off exploring the possibilities?
The value of a group is in how it is able to lead and guide you, when necessary, through all of these questions and more to answers that fit your unique situation. While there are a variety of IEEE Member Group Insurance Plans to choose from, once you begin the process, the options designed to meet your needs will become very clear. Most important, there are many steps you can take to educate yourself. In fact, each group life insurance option has a “Tools Tab” to help provide you with useful information. If you need assistance, however, it is always readily available. Easily access all of the information and assistance you need at the IEEE Member Group Insurance website, or phone us at 1-800-493-IEEE (4333).**
Details included in this article relate to the U.S. IEEE Member Group Insurance Program. If you have questions about insurance services provided in Canada (excluding Quebec) for the Canada IEEE Member Group Insurance Program, please visit http://www.ieeeinsurance.com/84841c.
*Mercer Consumer is a registered trade name of Mercer Health & Benefits Administration LLC.
**Including features, costs, eligibility, renewability, limitations and exclusions.
The IEEE Member Group Insurance Program is administered by:
Mercer Health & Benefits Administration LLC
12421 Meredith Drive
Urbandale, IA 50398
The IEEE Member Group Term Life Insurance Plan is available in the U.S. (except territories), Puerto Rico and Canada (except Quebec). Underwritten by New York Life Insurance Company, 51 Madison Ave., New York, NY 10010 on Policy Form GMR.
Mercer (Canada) Limited, represented by its employees Nicole Swift and Suzanne Dominico, acts as broker with respect to residents of Canada.
In CA d/b/a Mercer Health & Benefits Insurance Services LLC
AR Insurance License #100102691 | CA Insurance License #0G39709
84841 (3/18) Copyright 2018 Mercer LLC. All rights reserved.