1-877-940-7377
derrick@abilitypcg.com | margareth@abilitypcg.com
Client Login
Ability Private Client Group
  • HOME
  • ABOUT
    • PRIVACY & WEBSITE TERMS OF USE
  • SERVICES
    • LIFE STAGES
      • STARTING YOUR CAREER
      • GROWING FAMILIES
      • MATURE FAMILIES
      • PREPARING FOR RETIREMENT
      • RETIREES
    • BUSINESS STAGES
      • GROUP BENEFITS
      • EXECUTIVE BENEFITS
      • BUSINESS SUCCESSION
    • ACCESSIBLE PLANNING
    • HEALTH & DENTAL INSURANCE
    • CRITICAL ILLNESS INSURANCE
    • TRAVEL INSURANCE
    • PERSONAL HEALTH INSURANCE
  • CLIENT LOGIN
  • LATEST NEWS
  • CONTACT
  • DOWNLOAD OUR APP

Group Insurance vs Individual Life Insurance

March 2, 2021Blog, Group Benefits, Life InsuranceAbility Private Wealth

Group Insurance vs Individual Life Insurance

“I already have life insurance from work, so why do I need to get it personally?” or “Work has got me covered, I don’t need it.”

While it’s great to have group coverage from your employer or association, in most cases, people don’t understand that there are important differences when it comes to group life insurance vs. self owned life insurance.

Before counting on insurance from your group benefits plan, please take the time to understand the difference between group owned life insurance and personally owned life insurance. The key differences are ownership, premium, coverage, beneficiary and portability.

Ownership:

  • Self: You own and control the policy.

  • Group: The group owns and controls the policy.

Premium:

  • Self: Your premiums are guaranteed at policy issue and discounts are available based on your health.

  • Group: Premiums are not guaranteed and there are no discounts available based on your health. The rates provided are blended depending on your group.

Coverage:

  • Self: You choose based on your needs.

  • Group: In a group plan, the coverage is typically a multiple of your salary. If your coverage is through an association, then it’s usually a flat basic amount.

Beneficiary:

  • Self: You choose who your beneficiary is and they can choose how they want to use the insurance benefit.

  • Group: You choose who your beneficiary is and they can choose how they want to use the insurance benefit.

Portability:

  • Self: Your policy stays with you.

  • Group: Your policy is tied to your group and if you leave your employer or your association, you may need to reapply for insurance.

Talk to us, we can help you figure out what’s best for your situation.

Contact US
Contact Us

Recent Posts

  • 2023 Year-End Tax Tips and Strategies for Business Owners
  • 2023 Personal Year-End Tax Tips
  • Investing as a Business Owner 2023
  • Understanding Target Loss Ratio and Your Group Benefits Plan
  • First Home Savings Account (FHSA): What You Need to Know

Categories

  • 2019 Only
  • 2020
  • 2020 Only
  • 2021
  • 2022
  • 2022 Only
  • 2023
  • Accountants
  • Blog
  • Budget
  • Budget 2017
  • Business Owners
  • Business Owners
  • Buy Sell
  • Charitable Gifting
  • Coronavirus
  • Coronavirus – Associates
  • Coronavirus – Practice Owners
  • Coronavirus – Retired
  • Coronavirus – Retiring
  • Coronavirus – Students
  • corporate
  • Critical Illness
  • Critical Illness Insurance
  • Debt
  • dental benefits
  • disability
  • Disability Insurance
  • education
  • Employees
  • Estate Planning
  • Families
  • Family
  • Finance
  • financial advice
  • Financial Planning
  • Group Benefits
  • Health
  • health benefits
  • incorporated professionals
  • Individuals
  • Insurance
  • Investment
  • Investments
  • Life Insurance
  • Long Term Care
  • mortgage
  • ODSP
  • Ontario Only
  • pension plan
  • personal finances
  • planning
  • Private Health Services Plan
  • Professional Corporations
  • RDSP
  • Registered Education Savings Plan
  • RESP
  • Retirees
  • Retirement
  • RRSP
  • Savings
  • Segregated Funds
  • Sole Proprietor
  • Tax
  • Tax Free Savings Account
  • Taxes
  • Travel Insurance

Contact Us

Derrick Lee-Shanok

derrick@abilitypcg.com

margareth@abilitypcg.com

416-875-1836

1-877-940-7377

416-860-7550

1500 Don Mills Rd. Suite 400 Toronto, ON M3B 3K4



Recent Articles

  • 2023 Year-End Tax Tips and Strategies for Business Owners
  • 2023 Personal Year-End Tax Tips
  • Investing as a Business Owner 2023
  • Understanding Target Loss Ratio and Your Group Benefits Plan
  • First Home Savings Account (FHSA): What You Need to Know

About

We believe in empowering our clients to participate in the creation and maintenance of their overall financial well being through proper education and ensuring an understanding of the possible outcomes involved in each decision.

Mutual funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.

Privacy Policy

Insurance products are offered through PPI Management Inc., a national licensed insurance marketing organization that support independent advisors with their business, and through multiple insurance companies.

Privacy Policy

© 2016 Financial Tech Tools
Cleantalk Pixel