Life Insurance
About Group Life InsuranceGroup life insurance is where life insurance is obtained from an employer. This insurance form is offered as part of the benefits package provided to employees. It is a risk for an employer to not have any insurance plans in place for employees, as a company's invaluable resources are its employees. At the same time, the cost of providing so many employees with life insurance converge can be a daunting task. This is why employers resort to group life insurance coverage. It is an economical way for them to offer insurance benefits to employees as when insurance policies are purchased in bulk, the employer gets a reduced rate from the insurer, while at the same time they are able to give the required coverage needed for their employees.
As far as the payment issues are concerned, in most cases the employer pays for the insurance premiums. In some situations the employee is required to pay a portion of the cost of getting insurance. There may be instances wherein the employer offers non-group insurance policies to employees. Here the employee can buy an individual life insurance policy at the work place from a representative of the company from which the employer chooses to provide insurance. The policy holds good till the time of employee retirement. In case the employee decides to move to another company, they have the option to continue with coverage, but they will pay the premium instead of their employer. If the employee dies when the policy is in place, the mentioned beneficiaries receive payment from the insurer. The amount received depends on what the employer has opted. In case of small companies the amount received by beneficiaries is small, while in the case of large employers it can go up to something like $200,000.
|
|||
Life Insurance Learning centreLife InsuranceVery vital and one of the most important insurances About Life Insurance What is Life Insurance? Why do you need to take life insurance?Why Life Insurance is needed? Tips on what to ask your broker when taking up a life insurance policySome tips on what you can ask your agent Donating your life insurance for cashYou can donate your life insurance for cash. Factors to consider before taking up Life InsuranceImportant factors to consider before taking up life insurance policy How do you choose a life insurance company?Find out the procedure that helps in taking life insurance in easier way About Group Life InsuranceGroup Life Insurance is the one that is offered by the employer Cash Value InsuranceAn insurance by which you can avail cash return from your policy Accidental Death InsuranceInsurance paid out when there is a loss to due to an accident About Term Life InsuranceOne of the most common and the least expensive life insurances. Whole Life InsuranceAs the name suggests, it is the insurance policy for whole life Universal Life InsuranceLife Insurance policy which is permanent Variable Universal Life InsuranceThis insurance policy can be helpful when you are looking for more of a return on policy Joint Life InsuranceLife insurance policy that is suitable for members of the family About Endowment Life InsuranceOne of the policies where the lump sum is paid at the eventual death Types of permanent life insuranceTypes of policies applicable for life on permanent basis Types of Term Life InsuranceOne of the insurances where policy holder is paid during the policy if he dies Types of whole life insuranceTypes of whole life insurance policies discussed above |
