Term Life Insurance Articles
Facts About Employer Life Insurance
2010-06-04
A life insurance policy provides you and your family members with financial security if you should pass away. If you die, your family members and loved ones are left not only without you, but without the income you were bringing in to pay bills, mortgage, loans, car payments, and other debts. Without this coverage, they would be left to struggle with these remaining debts. The death benefit from a life insurance policy can pay off all outstanding debts as well as provide funds for your surviving family members long after your death.
A life insurance policy can be purchased by an individual or through your employer. If your employer does offer life insurance to you, there are three different payment options. You may be required to pay the entire premium yourself, your employer may pay the entire premium, or both of you may be required to contribute to the premium. If your employer pays the entire amount, this benefits you greatly as you will then have free life insurance. Employer life insurance policies can come in several different plans. They can be just a basic life insurance policy, or they may have additional coverage such as accidental death and dismemberment, accident insurance, or insurance for your spouse and dependants. They may also include riders such as guaranteed insurance, child waiver, or a life conversion option. Many employer based life insurance policies also include such services as grief counseling, financial assistance, or legal advice. You can get referrals to lawyers or financial consultants as well. In many cases, you are able to keep your policy even if you quit your job completely or if you change employers.
When your employer purchases a life insurance policy for their employees, the premiums are calculated based on a group of people of different genders, ages, and lifestyles. Some may be smokers, some may have heart conditions, and some may have other medical problems. The premium is the same for everyone, regardless of their health status and medical history. These policies are more convenient for many people because they do not take your individual health status into consideration. If you have chronic or serious health problems, you may still be paying a lower rate than if you purchase an individual policy.
If you are just starting a new job or even if you have been employed for several years, ask your employer what options they have available for you. Normally, the premiums will be deducted from your paycheck unless your employer pays all premiums. You may be eligible for free life insurance in this case. Ask your life insurance agent what plan and coverage would best suit your lifestyle and financial situation.
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A life insurance policy provides you and your family members with financial security if you should pass away. If you die, your family members and loved ones are left not only without you, but without the income you were bringing in to pay bills, mortgage, loans, car payments, and other debts. Without this coverage, they would be left to struggle with these remaining debts. The death benefit from a life insurance policy can pay off all outstanding debts as well as provide funds for your surviving family members long after your death.
A life insurance policy can be purchased by an individual or through your employer. If your employer does offer life insurance to you, there are three different payment options. You may be required to pay the entire premium yourself, your employer may pay the entire premium, or both of you may be required to contribute to the premium. If your employer pays the entire amount, this benefits you greatly as you will then have free life insurance. Employer life insurance policies can come in several different plans. They can be just a basic life insurance policy, or they may have additional coverage such as accidental death and dismemberment, accident insurance, or insurance for your spouse and dependants. They may also include riders such as guaranteed insurance, child waiver, or a life conversion option. Many employer based life insurance policies also include such services as grief counseling, financial assistance, or legal advice. You can get referrals to lawyers or financial consultants as well. In many cases, you are able to keep your policy even if you quit your job completely or if you change employers.
When your employer purchases a life insurance policy for their employees, the premiums are calculated based on a group of people of different genders, ages, and lifestyles. Some may be smokers, some may have heart conditions, and some may have other medical problems. The premium is the same for everyone, regardless of their health status and medical history. These policies are more convenient for many people because they do not take your individual health status into consideration. If you have chronic or serious health problems, you may still be paying a lower rate than if you purchase an individual policy.
If you are just starting a new job or even if you have been employed for several years, ask your employer what options they have available for you. Normally, the premiums will be deducted from your paycheck unless your employer pays all premiums. You may be eligible for free life insurance in this case. Ask your life insurance agent what plan and coverage would best suit your lifestyle and financial situation.
