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Basic and Voluntary Group Life Insurance

For employers striving to create a better workplace for their employees, offering Basic and Voluntary Group Life Insurance is highly recommended.

Life insurance is a means of financial protection for your employee and their family, providing monetary support against the unexpected. When obtaining life insurance through group plans, all employees are pooled into their own risk class, and the plans are typically priced significantly lower for the same benefit. Plans subsidized by employers tend to be more affordable than purchasing an independent policy which allows the employee to get coverage at a much lower cost.

There are two levels to group life insurance; basic and voluntary life. Basic life insurance is normally paid for by the employer and is required to be offered by companies with 50 or more employees. These coverages are typically limited to $25,000 and $50,000 amounts, which is why employers have the option to offer a supplemental Voluntary life program. These plans offer much higher coverage limits and various options that may benefit the employee throughout their life.

When obtaining life insurance through an employer, there is little to no qualification process, allowing your employees to obtain coverage in a much easier fashion. Many policies are also portable, so whether your employee changes jobs, retires, or moves, their voluntary benefits transfer with them.

There are several types of group life insurance products available for Employers to offer:

  • Basic Life Insurance – No cost, but limited benefit amounts.
  • “Pay as you go” – as long as an employee pays the premium, they will have coverage (rate bands based on employees age at the renewal of plan)
  • Group Universal Life – by offering life insurance to a group, the cost is less expensive than what is typically offered to an individual
  • Group Whole Life – whole life insurance policies have a fixed premium, so you pay the same amount each and every year for your coverage

Our knowledgeable Employee Benefit Advisors work with you to customize plans to best suit your business and employee needs. Contact us today to learn more about basic and voluntary group life insurance.

Curtis Crandell

Employee Benefits Consultant

With seven years experience in the insurance industry, Curtis provides excellent customer service and strategic planning to his clients.

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