A. If your employer offers free group life insurance coverage, of course you should take it. However, if you have to pay out of your own pocket, it might be wise to do a simple comparison.
1. The group insurance's rates will go up as you age. Talk to your employer's HR benefits department and obtain the annual premium rate for different age bands, then calculate how much will be your total cost over, say 20, or 30, years.
2. If you purchase the term life insurance on your own from outside, your annual premium will be fixed and won't go up as you age. You can contact an independent insurance agent (contact us) and run quotes from different insurers and find the best one, then calculate your total cost of insurance in this scenario.
Choose the option with the lower total cost of insurance.