Group Life Insurance
Group Life Insurance -
Employer Provided
For Employers - Group Life
Insurance provides affordable, convenient
coverage for your employees. You take good care
of your employees, even in tough times. And, you
would be concerned if an employee who was the
sole bread winner left a family behind due to an
untimely death with no funds to help them. It
might surprise you how inexpensive group life
insurance can be. Amounts start as low as $5,000
and go as high as $100,000 per covered employee.
Group Life Insurance is usually combined with
Group Health coverage. For many Health insurance
carriers, a minimal amount of Group Life
Insurance is required. The amount could be as
low as $5,000, but the average is $25,000.
For Employees - Group Life Insurance is an
extra benefit provided by your employer. You
should check with your personnel department to
see how much coverage is provided to you and be
sure you name a proper beneficiary. While Group
Life is a great (and usually free) benefit
provided to employees, you should not depend
solely on this coverage for your family. If you
leave your place of employment, Group Life ends.
There are conversion rights, but the costs are
usually high. You should always have a separate,
individual life insurance program to take care
of your family. Let the Group Life be a nice
supplement to your own individual program.
Group Life Insurance -
Payroll Deduction Plans
Payroll Deduction Plans are benefits that
individual employees pay for themselves, but
have the convenience of being automatically
withdrawn from your pay check.
Payroll Deduction Life insurance allows you
to purchase insurance services from a
professional agent through your workplace. In
the event of a claim,. You may use insurance
proceeds to help with unpaid medical bills,
income replacement for survivors and final
expenses like burial costs.
How can it benefit you?
Lifetime
protection
Your policy is secure.
The carrier will not cancel your policy as
long as you pay the premium.
Financial
Security
Your policy provides
dollars when they are needed most for those
who depend on your financially.
Convenience
Your premiums are taken out through payroll
deduction. No bills or checks to write.
Cost
You determine how much coverage fits your
budget.
No Medical Exam
You may need to answer health related
questions, but because you are part of a
larger group, a medical exam is not
required.
Family
Protection
Coverage is available
for your spouse, children, stepchildren,
legally adopted children and grandchildren,
ages 15 days to 18 years old. You may also
include children ages 19 to 25 who are
full-time students and not in military
service.
Portable Policy
You own this policy. If you
leave your employer or retire, you may continue coverage by paying premiums
directly to the carrier. The price and coverage remains the same.
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