Group Term Life Insurance Rates

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Features of Group Term Life Insurance

Group term life insurance is payable in a lump sum if the employee should die before terminating employment with the company. This provides for the spouse and dependents of the employee should the unthinkable happen.

The sum can be set up in a pension plan on which the spouse and dependents can draw living expenses.

Varieties of Group Life Insurance

There are many different varieties of term life insurance available for employers to offer their employees. Each one will appeal to employers for different reasons

Employee Term Life Insurance

Employee term life insurance is the most common type of group life insurance. This type of policy pays benefits to a beneficiary when the group member dies, as long as it is within the timeframe specified in the policy.

Dependent Term Life Insurance

This policy covers not the employee, but one of his or her dependents. If the dependent dies during the term of the policy, the employee receives a lump sum payment. These policies are usually used to cover funeral expenses, and not much more.

Voluntary Group Term Life Insurance

Voluntary group term life insurance gives the employees the option to buy additional coverage on top of their policies, either for themselves, or for their dependents. The benefit is that they can pay the premiums at a group rate basis, rather than at the cost they would normally pay.

Employee Accidental Death Benefits

Employers who run high-risk establishments might want to consider accidental death and dismemberment insurance benefits. These usually are in addition to the term life insurance, and are payable if there is an accident in which the employee is killed or is injured and unable to work as a consequence.

Before Choosing Group Term Life Insurance

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Before choosing a group policy for your company, make sure you consider exactly what it is you want to offer. Make sure your policy is large enough to draw good employees. Strike a balance between premiums and the ability to create a good benefits package. Also, think about what other types of benefits you want to give your employees.

Next, shop around for the best rates. Go online to compare your options. Different companies will have different rates. Find a company with competitive rates, coupled with a quality policy.

Benefits of Group Term Life Insurance

The main group term life insurance benefit is the ability to draw quality employees to your company. A good benefits package will do just that. Your employees will also have an added level of security working for you. Not only that, but there is a major group term life insurance taxation benefit. The premiums you pay are entirely tax deductible. That is another reason why many employers find it beneficial to pursue group term life insurance.

Group term life insurance companies offer an exciting option for employers who want to give their employees a good benefit package. Consider getting life insurance for your employees. Make sure you research group term life insurance rates thoroughly and get the best possible coverage at the most affordable rate. Your employees will thank you!

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