LIFE Insurance

Group Life insurance can also be available as part of a supplemental employee benefit package.

Employees can elect coverage for themselves, their spouse and their children.

As part of a group benefit, coverage is easy to obtain with most programs offering guaranteed issue. Cost of coverage may also be lower through a group program than if the employee were to obtain the same coverage on their own. Additionally, coverage is portable so if your employees do leave the company, they can keep their coverage.

Products offered can either be Term Insurance or Permanent Insurance.

Term Insurance

Provides coverage for a specific period of time like for 1, 10, 15, 20, 25 or 30 years.  Term insurance may be ideal if your employees are looking for protection to cover a mortgage or college expenses if they die prematurely

Initially term insurance costs less than permanent insurance, however, term insurance premiums typically increase substantially if your employee wants to renew their coverage at the end of the original term.

Permanent Insurance

Permanent insurance is designed to provide coverage for a lifetime. Permanent insurance also has a feature to build cash value within the policy that can be accessed during the insured’s lifetime.  Since a portion of each premium goes to build cash value savings, the premium for permanent insurance is normally greater than the initial cost of Term.