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Group term life insurance

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  • Group term life insurance

    I am a self employed physician and employ my spouse for the tax advantages of deducting health care premiums and expenses.  My spouse has a chronic illness and has been denied for individual term life insurance.  Does anyone have any advice or experience in getting group life insurance for small businesses?  I am researching this as a way to get term life for my spouse without having to worry about pre-existing conditions.

  • #2
    Not a bad thought, but the amount of group term life you'll be able to get without requiring medical underwriting is fairly limited. I guess even $50,000 would be better than nothing though Your options will depend on the structure of your practice. Do you have employees other than your wife? There are not many companies out there offering group coverage to a 2-person business, when the two individuals are related. If you have a 3rd person however, your options could change. I know MetLife and Reliance Standard have pretty decent options for small businesses, but you may need to include other coverage types like Accidental Death and Dismemberment and possibly even group disability insurance.