Menu
You care about your employees – you would not be in business without them. And your employees care about their loved ones. Offering group life insurance gives your employees additional peace of mind to provide financial security for their families.
Offering group life insurance is not only an important part of your employee benefits package, but it can also help attract and retain top talent. A survey conducted by LIMRA found that nearly 60% of workers strongly felt that offering a life insurance benefit was essential in their work environment.
What Is Group Life Insurance?
Group life insurance is one type of life insurance where a single agreement, or contract, covers an entire group of people, like the employees of a company. In most cases, the cost of group coverage is far less than what the employees or members would pay for a similar amount of individual protection.
Group life insurance is usually a term life insurance policy, which means that the coverage will expire after a specified time. This policy is also referred to as group term life insurance.
What Are The Types Of Group Life Insurance Plans Available?
Group Term
Group Term life insurance provides affordable insurance protection for a specified period of time. It provides a base level of protection alongside employees’ personal savings, individual life insurance, and Social Security benefits.
Term life is attractive to most employees since the cost is lower than purchasing an insurance policy on the open market. Employees do not need to undergo underwriting, which avoids feeling penalized or getting denied for coverage due to a chronic or pre-existing condition, whether they have employer-paid or employee-paid group-term life insurance.
Group Universal Life
Group Universal Life (GUL) combines the benefits of term life and whole life by providing permanent life insurance protection and optional cash value account. GUL also features continuation options, including portability and conversion, so your employees can continue their coverage when they change jobs or retire.
Because of the complexity of Group Life benefits, it is essential for business owners to continually research the best available options for their employees. Bethany has the expertise to find the best plan tailored to your specific needs. Contact Bethany today to get started.
More Products
Menu
Request a Quote
Simply fill out the form below and one of our helpful agents will contact you shortly to discuss your options.