Group life insurance offers a simple yet effective benefit to your larger employee benefits plan.
Usually paid in full or part by employers, group life can be an inexpensive perk for the employee.
And you own and control the policy.
In 2016, group policies represented 46% of all life insurance policies in the U.S. or $8.2 trillion in protection. 1
Employees easily qualify for group policies; coverage guaranteed to all group members. Individual policies typically require a medical exam.
It’s often smart to supplement a low-coverage group policy with a higher-coverage individual policy.
Extra voluntary coverage can make financial sense.
You can base the added premiums on the less-expensive group rate. Policy portability between jobs brings an advantage.
1The American Council of Life Insurers
Group Term Life
An employer provides a one-year annual renewable term insurance policy. At renewal, you and the carrier can decide to continue. Rate increases may apply. For coverage amounts, consider 1 or 2 times an employee’s annual salary. For term, select from:
Allows employees to opt for higher coverage and pay premiums.
Employees take policy protection wherever they go until age 70, paying premiums direct to insurer.