Group Life Insurance
Group Life Insurance is the base of group benefit plans.
- most employees qualify for group insurance without medical evidence
- appeals to individuals who have a medical condition that would make it difficult to get individual life insurance
- offers lower premium costs
- only available for the duration of employment
Plan Administrators please note the following:
All Group Life insurance premiums paid by the employer are a taxable benefit to the employee.
Optional Group Life is available where individual employees can purchase additional insurance at a group rate and at their own expense. For employees who choose this route, it is an inexpensive way of increasing their life insurance without incurring a large expense.
Other options for Life Insurance include:
| Accidental Death & Dismemburement (AD&D) |
| Pays an amount equal to the basic Group Life insurance for accidental death (as opposed to illness). It also pays a certain amount should the insured employee lose, or lose the use of, important body parts by violent and external means. |
| Dependent Life |
| Insures the spouse and children for small amounts (i.e. $5,000 on child, $10,000 spouse). |
