Group Life Insurance Policies
Group life insurance is a life insurance that covers a group of people under a single contract bought by an individual entity. A small, medium, or large company can purchase group life insurance for their employees.
We as insurance brokers work with employers, organizations, associations to offer life insurance quotes and benefits of the policy in a large scale which makes the coverage much more affordable than it would be if the policies were purchased individually. Because the employer handles the logistics of buying this coverage, the insured only needs to opt-in as long as they are eligible.
Group life insurance is almost always group term life insurance (policies that expire after a certain term) that is offered as yearly renewable term insurance – meaning, the purchasing entity renews it annually. The employees need to re-enroll each year in order to maintain their coverage.
Term policies are cheaper rather than group whole policies (life insurance that lasts your lifetime).
Some employers do offer permanent life insurance coverage. In most cases, the entity purchasing the group life insurance policy makes it part of a larger benefits package that might include things like health insurance and retirement accounts.
Unlike individual life insurance, group life insurance doesn’t require a medical exam. As long as you meet your employer’s requirements for eligibility, you should be able to opt-in and get life insurance coverage.
One of the major perks about the group life employment benefit is that your employer usually heavily subsidizes your group term life insurance rates, and you may be able to add life insurance for your spouse and/or children at an additional minimal cost.
We offer special discounts and customized packages for groups and corporations that meets their budgetary constraints and offers them a wealth of services. Our group insurance is a low-cost solution that offers you all the coverage and benefits just like any other insurance, but for lower costs.
Our group insurance policies are ideal for modern businesses that need to offer value added incentives and perks to employees in order to retain them. With our low-cost group insurance services, you can offer your employees great coverage and medical accessibility by only spending a fraction of the cost.