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August 27, 2008
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Product Overview > Group Plans > Life
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If you would like to get pricing on an employee benefits plan, contact your Kistler Tiffany Benefits representative by clicking here
Many insurance carriers’ enrollment forms can be accessed by clicking here
Why is Group Life Insurance coverage important?
Group Life Insurance is one of the least expensive methods by which an employer can improve his employee benefits program, providing a benefit that is both essential and greatly appreciated. Because the underwriting of individual life insurance is becoming more stringent all the time, it has become difficult, sometimes impossible, for an employee to purchase a policy on his/her own.
On the other hand, for literally just pennies per $1,000 of coverage, an employer can provide group life insurance for all the employees, usually on a guaranteed basis without any medical questions or exams at all. A group policy is often the only life insurance coverage an employee has for his/her family’s protection.
How is this type of coverage purchased?
As with other forms of group insurance, the employer is the policy holder and pays the premium to the insurance company. In almost all cases the employer absorbs the very modest cost of the basic policy in full, while passing along by payroll deduction the cost for any extra coverage the employee may elect.
Along with basic coverage, available extras might include additional amounts of coverage for the employee, coverage for a spouse, and coverage for all children in the household. As an added feature, group life insurance polices include a provision for an employee to convert his/her group coverage to an individual policy, upon termination of employment, without evidence of insurability.
Key considerations when choosing a plan include:
- Amount of life insurance the employer wants to provide.
- Whether some classes of employee should receive more coverage than others.
- What extras, if any, should be offered.
- The selection of a suitable insurance company.
- Tax consequences which might fall to the employees.
- Whether the employer or the insurance company will administer the plan.
How to learn more:
Your Kistler Tiffany Benefits representative will work with you to help you design a group life insurance plan for your company. You will likely be surprised at how inexpensive this important benefit can be.
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