If available, consider buying personal and business life insurance, including group insurance, from business associations. There are several reasons:
Business associations have a variety of business and personal insurance products to meet many of their members’ needs, e.g., buy-sell, key executive, health, and disability insurance.
The annual premium cost can be lower than on individual policies, and term and group life insurance policies usually can be converted to permanent insurance.
Since the association’s members represent a “group” of potential insureds, you may find that the requirements for proving insurability are less than on individual policies. That can be a significant advantage if your health is not good.
What to do: Request information on your association’s personal and business insurance programs. Decide what additional coverage you need and what current coverage you can replace at a lower cost. Your association’s insurance representative will help you prepare comparative cost data for both new and replacement insurance policies.