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Group Life Insurance:

Group life insurance continues to be an important benefit to employees and it is also one of the least expensive benefits. In fact, for most employees, the group coverage they receive at work is the only life insurance they carry. 

Advantages to Employees                 

• Significant coverage at lower cost than individual coverage
• Important part of total compensation plan
• Security to those that could not otherwise afford adequate coverage
• Coverage available to employees that would otherwise be uninsurable.
• Conversion feature allows terminated employees to receive permanent coverage without proof of insurability 

Advantages to Employer
• Makes it easier to compete for top talent
• Increases employee productivity and morale
• Reduces employee turnover
• Satisfies a moral obligation to employees

Basic coverage can for each employee can be based on a flat amount per a multiple of their income so that coverage gradually increases as the employee’s income and need for coverage increases. 

Supplemental or Voluntary Coverage:
Many employees have a need for life insurance that exceeds the coverage offered as a benefit by their employer.  Most employers address this need by offering additional supplemental or voluntary coverage that can be paid for by the employee through payroll deduction.  This offers the employee a simple, inexpensive way to add to their life insurance coverage that does not increase the cost of benefits to the employer.  Additionally, an amount of coverage determined by the size of the group can be offered on a “guaranteed issue” basis.  This means that employees who would be otherwise uninsurable can purchase a set amount of additional life insurance without the usual proof of insurability.

Call Wallace Welch and Willingham today at (800) 783-5085 or contact us on the web and let one of our benefits experts design a life insurance program to fit your company’s needs and budget.