Types of Group Life Insurance
Salary Multiple
The most common type of group life insurance is a multiple of salary for the employee up to a set amount.
Fixed Amount
A specific amount of insurance is offered to each employee of the same title and wage class.
Carve Out
Specific insurance made for executives, directors, and owners of a business. Richer benefits that are offered to those with more stake in a business.
The Benefits of Group Life Insurance
While many companies now offer group health insurance, there is a lag to the amount of companies that offer life insurance to their employees. Often, this is a differentiator in the hiring process for an employee when looking at a full benefits package.
Group Life Insurance is often much lower priced per person than it would be buying it individually. There are little to no health questions, so coverage is guaranteed.
If your business is in a dangerous industry, offering Group Life Insurance might be the only way to get any sort of protection in place. Many of these life insurance products will also offer disability and other benefits as well.
Want to learn more? Contact us today to see if your business is a qualified candidate for Group Life Insurance.
