What is Group Life Insurance
Group-term life insurance is coverage offered by employers to employees only. Premiums may be paid by the employer or employee. The benefits are often specified as flat fee or percentage of salary. Some employers may also offer the option for employees to purchase additional coverage.
Advantages of Group Life Insurance
The group plan spreads the risk over many people keeping premiums low so this coverage is generally very affordable.
For employers with employees educated about the importance of life insurance, offering this coverage can increase employees’ appreciation of their benefits package.
For employees this coverage is either employer-paid or at least cheaper than a policy purchased in the individual coverage market. Also, most group-term life insurance plans do not require health assessments while individual’s purchasing coverage often face premiums contingent on the results of a medical exam – or may even be denied coverage on that basis.
Not sure? Have questions?
We understand it can be difficult to judge what Group Life Insurance policy and coverage may be right for your organization. That’s why we’re here to help. Simply call us at (732) 747-0411, or send us an email using the contact form on this page. We look forward to speaking with you.