Walker & Associates: Providing Group Life Insurance Choices
Increasingly more employers are offering Group Life insurance to their employees as an incentive to join and stay with the firm, or as part of their voluntary benefits to help individuals with their financial planning. Walker & Associates can assist you in upgrading and enhancing your benefits package with Group Life insurance.
The Benefits of Group Life Insurance
With a Group Life plan, as the employer you purchase a master policy, and then issue certificates of participation in the plan. Each employee is underwritten as part of the employer’s group and no one is denied based on a medical condition. What’s more, an employee typically has the right to keep their coverage and convert it to an individual policy when they leave the employer (with some restrictions).
A Group Term Life insurance policy is often the most affordable option for employers and is designed to provide benefits for dependents in the event of the insured’s premature death. The policy provides a large amount of insurance for a set period in an employee’s life.
A Whole Life insurance policy is more expensive and builds cash value over the course of its existence. An employee can borrow against the cash value or use it in other ways, such as for college tuition.
Our staff can review the ins and outs of each policy in detail, explaining how each works, so you can make an informed decision of what to offer your employees.