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Employee Group Life Insurance

Group coverage is a form of life insurance that you may choose to provide to your employees as a business owner. With these discounts, your employees can enjoy the benefits of having a plan without having to pay the same high prices they would have to pay if they were to purchase it on their own.

Offering insurance to your employees is a smart move to make if you wish to draw in high-quality employees. Skilled and educated employees will seek out employment opportunities that provide them with the best benefits. Therefore, the better benefits you offer to your employees, the better pool of applicants you will have to select from.

When you offer life insurance as a part of your benefits package, you make employment with your company far more attractive. Not only will this help you to gain quality employees, it will also help you to retain them.

Businesses are not the only ones that can benefit from these plans. In fact, churches, labor unions, non-profit groups, and service organizations can all purchase coverage polices for the members of their organizations.

Since each member of the organization is covered by a master policy, the company can maintain their policies at a lower price than if each person were to sign up on his or her own. This savings is then passed on to the members and each member is able to enjoy it at a cheaper cost that is far less he or she would otherwise have to pay.

Establishing an Employe Coverage Benefits Package 

Once your company or organization determines the company you wish to work with, establishing a policy is quite easy. A representative of the company will sign each of your group members up within the plan. Then, you can simply remove the premium payments directly from the checks of your employees. If you are an organization rather than a business, however, you will need to have your members pay the monthly premiums or you can pay the premiums with the funds in the group’s account.

What to Expect from a this Coverage  

These policies work in much the same way as any other package. If you should pass away, whomever you listed as your beneficiary will receive the amount that the policy is valued to be.

It should be noted that these policies are usually a form of term insurance. Therefore, when you quit working for your employer, your policy will no longer be in place. When considering changing jobs, this fact should be taken into consideration. Furthermore, if you may be out of work for several months or if you have to complete a probationary period before your policy becomes valid with your new employer, you might want to consider purchasing extra insurance on your own until you are once again covered by your employer.