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Home > Insurance Services > Group Benefits > Group Life Insurance
Group life insurance can be an added benefit you offer your employees. This type of life insurance is offered by an employer to employees, typically as part of a larger group benefits package. As the coverage is purchased from the provider on a wholesale basis, the costs for each individual worker can be significantly lower than the cost of purchasing an individual policy.
With group life insurance, the employer purchasing the policy for its workers retains the master contract. Employees may not be required to pay anything out of pocket to receive policy benefits, or they may have a portion of the premium deducted from pay. Employees who elect coverage under the group policy will receive a “certificate of creditable coverage.” When an employee leaves the company and terminates coverage, he or she will need to provide this certificate to subsequent insurance companies.
Employers have a variety of options when selecting a group life insurance plan. Types of group life insurance include:
Employers typically pay a certain amount for every $1,000 in coverage per employee. The cost of the premiums will depend on a number of factors, including:
Our agent at Connor Insurance Agency in Sherrills Ford, North Carolina, can help you shop for the group life insurance coverage that offers the most favorable benefits at the lowest rates.
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