Group life insurance (also called group term life insurance) is a popular benefit offered by many employers. When a business offers life insurance as part of their benefits program, it’s an easy way for employees to get some life insurance coverage for free or at a very low cost.
Much like health insurance, employer-provided group life insurance is typically paid for by the employer, so your employees pay little or none of the policy’s premiums. You and your employees receive a small amount of coverage, usually $50,000, $100,000 or $250,000, or you can offer a multiplier of your employees annual salary (up to a maximum limit).
Group life insurance isn’t available to everyone. If your business doesn’t offer group coverage within your benefits program, an individual cannot get this type of policy.
Eligibility for group life insurance coverage also varies by insurance company, but it’s almost always easier to qualify for than individual coverage. Unlike most individual life insurance policies, your employees health and age rarely determine whether they qualify for group life insurance. The best part (depending on the size of your company) your employees probably won’t need to go through the underwriting process to get coverage.
CoverEase experts recommend having a death benefit of at least 10-15x an individuals income to prevent your family from being under insured.
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