Group life insurance is an inexpensive and invaluable additional benefit. Group life plans protect your employees’, family and loved ones and may be the only life insurance an individual carries. Group life plans provide an advantage to individual life plans. Acceptance in group plans is usually guaranteed and does not require your employee answer medical questions or undergo physicals.
Group life insurance can provide the same coverage as individual life plans and / or can supplement an individual life policy. Generally, a group life plan can be provided at a lower premium than an individual plan; however, if an employee has any health issues, a group life plan might be the only way by which he or she can obtain coverage.
The most common group life plans offer benefits of multiples of salary (such as one-to-three times salary) to a maximum benefit amount. Employers can "class out" their employees on such plans to offer a higher benefit level to managers or officers, and / or offer the benefit only to a certain class or level of employees. Other types of group life plans offer a "flat" benefit amount, for example $15,000, $25,000, $50,000, or more. Plans can be tailored to fit your company’s objectives to meet the needs of its employees. Coverage can even be offered to spouses and dependent children.
Coverage can be offered on a voluntary basis or on an employer-paid basis.
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