If you are\nthinking about taking a new job it is important to not only consider the annual\nsalary, but also the benefit package that the company offers. One benefit that\nmay be available to you is employer-provided\nlife insurance. If you have debated about life insurance in the past or have some form of\nindividual coverage now, you might be wondering what group life insurance is, if you\nneed it and how it works. <\/p>\n\n\n\n
Life insurance is a contract between an individual and\nan insurance provider that in the event of the individual\u2019s death, their\ndependents, or beneficiaries, will be provided with a sum of money otherwise\nknown as a death benefit. <\/p>\n\n\n\n
Group life insurance is very similar to individual life insurance; however, it is purchased as a single contract by an employer or association such as a labor union and it extends coverage to all employees or members. Examples include the Federal Employees\u2019 Group Life Insurance Program, which is available to all federal and postal employees. Group coverage is actually as common, or more popular, than individual insurance. <\/p>\n\n\n\n
Employers work\nwith group life insurance\ncompanies to identify affordable premiums for a group policy. The\npremiums are typically paid for, partially or in total, by the employer and\noffered to employees as part of their benefits package. The employer is\nconsidered the policyholder and participating employees receive certificates of\ncoverage. <\/p>\n\n\n\n
Companies will frequently offer a small amount of\nlife insurance for\nfree. Typical death benefits through a group life insurance policy are $20,000, $50,000 or one\nor two times your annual salary. You will likely have the option to add on\nadditional coverage for an increased premium that can be deducted through your\npaycheck. <\/p>\n\n\n\n
The primary\nreason why you should consider group life insurance is it is often offered at no cost. Even if you\nhave to pay for the coverage, it is still a worthy consideration because it\noffers unique benefits such as: <\/p>\n\n\n\n
Similar to individual policies, group term life insurance and group universal life insurance policies are available; however, the option that is available to you is dependent upon what your employer offers.<\/p>\n\n\n\n
Term life insurance is a\npolicy that protects you for a specific length of time. If you pass within the\ndesignated term then your beneficiaries will receive the death benefit. On the\ncontrary, universal life\ninsurance is a policy that provides lifetime coverage. <\/p>\n\n\n\n
While there\nare many benefits to group life\ninsurance there are some negative drawbacks of which you should be\naware. Consider these scenarios as examples as to why you cannot solely rely on\ngroup life insurance:<\/p>\n\n\n\n
While there are some shortcomings with group life insurance, it can be a great benefit to take advantage of through your employer or union. Contact your human resources department today to see if it is available to you. <\/p>\n\n\n\n
If you’re looking for a group life insurance policy, you’ve come to the right place. InsureOne offers affordable group life policies for businesses. Request a free group life insurance quote online or over the phone today by calling (800) 836-2240<\/a><\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":" If you are thinking about taking a new job it is important to not only consider the annual salary, but also the benefit package that the company offers. One benefit that may be available to you is employer-provided life insurance. If you have debated about life insurance in the past or have some form of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[76],"tags":[],"class_list":["post-689","post","type-post","status-publish","format-standard","hentry","category-employee-benefits-basics"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/689"}],"collection":[{"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/comments?post=689"}],"version-history":[{"count":5,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/689\/revisions"}],"predecessor-version":[{"id":735,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/posts\/689\/revisions\/735"}],"wp:attachment":[{"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/media?parent=689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/categories?post=689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.insureone.com\/knowledge-center\/wp-json\/wp\/v2\/tags?post=689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}