For many, Group Term Life Insurance is a major economic security program of the typical American family. It provides the employee to be able to obtain large amounts of death protection at minimal out-of-pocket cost. And like many other supplemental benefits, there has been an evolution in benefit design and features over the last five years.
When looking at the different plans available, we look at a number of aspects of the policies available, as should the employer. Among these are the following:
- Cost of the policy
- Amount of guarantee issue available to all employees
- Coverage available for spouses and children
- Benefit reductions and at what ages
- Portability of coverage
- Accelerated benefits due to terminal illness
- Conversion privilege
If you do not offer voluntary term life or have not shopped your policy or rates and design in the last three years, there very well may be something better available. Our plans normally provide coverage up to $500,000 with significant guarantee issue available.