Life Insurance & Voluntary Coverage for Dependents
What is Group Life Insurance?
Many employers (but not all) provide a basic amount of FREE life insurance as part of their benefit package for full-time employees. This insurance is guaranty issue and a value-able benefit for your family or loved ones.
In addition to the basic amount of free coverage, eligible employees may also buy additional coverage for themselves and for dependents by way of payroll deduction. Coverage elections are made during initial benefits enrollments and during annual open enrollment.
Frequently Asked Questions (FAQs)
Reasons for buying life insurance through work
There are three main advantages to buying supplemental group life insurance through your employer: convenience, price, and acceptance.
Convenience is key to those who know they need life insurance but haven’t bought it yet. Getting coverage through work can be the easiest way to protect your family.
It also can be a good deal, sometimes offering rates you can’t beat by shopping around.
Finally, people with serious medical conditions may qualify for a much better rate through the group policy than they could get on their own. A medical exam is not required, although you might have to fill out a detailed questionnaire.