Group life insurance covers a group of people under one life insurance contract. Usually, the policy owner is an employer or organization and the insured are employees or members. The advantage of group policies is generally a lower cost than it would be if each person obtained coverage individually. That’s why you’ll generally see coverage designated as “group” or “individual”.
The policy owner of a group life contract obtains the master policy and the members are given certificates of insurance to prove coverage. Each insured can choose beneficiaries just like with individual coverage.
Another benefit of group coverage is that typically the contract owner pays a portion of the premium. So, if you have group life insurance through your employer, they may pay a portion of your monthly premium and deduct the remainder from your paycheck to make up the entire monthly premium. If you are an employer or organization, contributing to your group plan can be part of a beneficial tax strategy. Once we evaluate your needs, you will include your tax advisor to discuss these options and benefits.
Group coverage is in force for the duration of your employment, as long as the premiums are paid. Sometimes you will have the option to convert the policy to an individual one, if you leave the company or group.
We help employers and groups put together benefits such as group life insurance for their members. We also help members convert or find new coverage, once they leave the group. It’s important to have professional help when deciding what to offer your members. Our experts are well versed on the choices and have access to some of the most desirable plans in the country.
Contact us for a simple consultation about group benefits. We’re sure you’ll enjoy how simple we can make the process.