Life Insurance - Employer Group vs Private Policy

Company Life Insurance vs Private Policy:
Should you buy additional life insurance from your employer, or through a private policy from an insurance company?
Anyone is able to buy life insurance directly from an insurance company, and most likely if you are employed you have the ability to buy life insurance as part of your employer’s benefits as well.
So what option is best? They each have their advantages and disadvantages, but here’s a few things to think about.
If you are buying life insurance directly from an insurance company we typically recommend term insurance, where you have a fixed rate for a certain amount of insurance. If you buy a 20-year policy, you will have the same payment for 20 years.
When you buy group life insurance through your employer, you will likely find that your cost increases each year as you get older.
In general we find that there is typically a breakeven between employer provided insurance and private policies. If you just need insurance for a short term, buying through your employer may be a better option. If you are looking for 20 or 30 year policies, going directly to a private insurance company will likely save you money.
This calculation is always dependent on your employer though. Usually larger employers have cheaper rates for insurance for their employees. If you work for a smaller company, it may be worth looking for a private policy regardless.
There are a few other things to consider too besides just the cost. Buying insurance through your employer ties that insurance to your employment. If you lose your job, you likely lose your insurance. It may be smart to have some amount of insurance not tied to your employer.
Also, company provided health insurance may be able to be raised and lowered without health examinations. If you have poor health, using your employer for additional life insurance coverage may be cheaper or the only way to get additional insurance.