WHAT IS GROUP LIFE INSURANCE?
- Group Life Insurance is a commonly found employee benefit offered to attract and retain good employees. Group Life Insurance normally is issued without medical examinations making it easy to offer to all employees regardless of their current health conditions including height, weight, and pre-existing conditions that may otherwise disqualify them for their own personal insurance.
- Group Life Insurance is usually offered to groups of employees but may be issued to various groups including associations, organizations, and clubs. Example: AARP, Knights of Columbus, Carnival Organizations, etc.
- Group Life Insurance can accompany a group health quote with some of our carriers, but our Group Specialist will find you the best package whether it is separate or combined with the same company.
HOW MUCH COVERAGE DO WE OFFER?
Coverage can be offered based on job classifications such as employee, manager, officer, etc. which interprets into Class One, Two, or Three, and in turn the level of coverage is escalated based on class. Example: Class 1-$10,000, Class 2-$25,000 and Class 3-$50,000. This decision is based on the employer and on his budget. A flat amount for all employees is also available. Example: Everyone receives a flat $10,000. Maximum available on most group policies is $100,000.
WHY IS GROUP LIFE INSURANCE IMPORTANT?
- To attract and retain quality personnel, Group Life Insurance is a requirement many folks seek.
- Depending on the number of employees and the average age of the group, certain uninsurable employees can become eligible on large group plans at a very affordable rate. This includes uninsurable dependents as well. In some cases, Group Insurance is the only way some employees could qualify for Group Life and would not be eligible for a personal policy through the same carrier.
- Group Life Insurance is primarily an employee benefit and is not meant to be primary coverage, but in some cases, many employees rely on this coverage as their primary coverage, forgetting that it is a condition of their employment.
- With certain group policies, the carrier will offer a guaranteed conversion privilege regardless of the employee’s insurability at the time of separation. This is extremely important, especially if the employee is a high risk or uninsurable.
- The ability to offer a death benefit to an employee’s dependents at the time of death helps cushion the family’s loss as well as the employer’s state of mind.
- It provides efficiency and productivity as employees are assured of security for themselves and their families.
- Premiums are tax deductible as a corporate expense, which means savings with quality coverage.
HOW DO WE HELP YOU?
- We shop and compare rates with multiple companies, including Blue Cross, Hartford, Humana, Coventry, MetLife, Aetna, Golden Rule, Prudential, and United Health Care, and can normally save you up to approximately 30%. Moreover, when you buy through us you will get more than just a group insurance plan, you get a group insurance partner.
- Our Group Specialist will work with you and discuss a variety of plans and premiums that best fit your budget. You can request quotes for combination packages of health, dental, life, and disability, and for the most part, we shop these products separately and by packages, if available. Some companies that write health do not necessarily write disability.
- We will continue to shop for competitive quotes when it is time to renew. Our group specialist can offer to review the availability of group rates for a single person group or as many employees as you need to cover.
- Most of our carriers provide online applications and enrollment tools to simplify the administration services required to maintain these employee benefits.
- We provide these services at no extra cost.