This is a membership group where you pay a fee every year to be a member. As a member they offer many things including products to members by other companies. The Group Term Life Insurance product in New York is offered to group members, I just want to point out that this Term Life Insurance is usually a branded product provided by a separate entity.

Group Term Life Insurance, unlike permanent Guaranteed Whole Life insurance, has a monthly premium rate that increases every five years in and will eventually disappear as you get older. It is not permanent. People that are looking to cover a certain need for a set number of years may be a candidate for this product. For a fee to join the a Group this may be a good deal for the short term.

For people that need a guaranteed premium, with a guaranteed death benefit that will be there when your loved ones need it most, Whole Life Insurance. It is permanent protection as opposed to protection that is only good until the term limit is reached.

We always recommend getting comparisons and having a local agent to explain the different types of life insurance and answer your questions.