Term Life Insurance Articles
Federal vs. State Life Insurance
2009-07-13
Federal life insurance is a group life insurance program available to federal government employees, retirees, and dependents.
State life insurance consists of group life insurance programs available in each state. In some instances state life insurance policies are only available to full and part time employees. Yet in other instances, state life insurance is readily available to individuals who reside within the state, in addition to state employees.
Advantages of federal life insurance include having the security of a life insurance policy regardless of an individual's job description, and any extra risks associated with a job; entitlement to life insurance benefits despite a service related disability; and automatic eligibility for life insurance based solely upon an individual's employment with the federal government.
Additionally, if an individual is fully disabled upon discharge from the military, there is the possibility that he or she may be able to maintain life insurance coverage for up to two years at no cost. Lastly, an individual's age will not affect the cost of federal life insurance.
The main disadvantage of federal life insurance is that the government only pays for one-third of life insurance premiums; thus leaving individuals with the responsibility of footing the remainder of the premium.
Advantages of state life insurance include the security of keeping a life insurance policy despite being laid off. State life insurance premiums are affordable and, in some cases, paid entirely by the state.
The main disadvantage of a state life insurance policy is the change that occurs when an employee is laid off. Upon being laid off, individuals are given the option to keep their life insurance policies with limited benefits and the possibility of a higher premium.
All federal government and state employees are entitled to life insurance policies. If you are interested in more information regarding federal and state life insurance programs, there are a number of websites available with helpful resources.
If you are a state employee and you have questions regarding state life insurance, you should speak to a human resources representative. If you are a federal employee and you have questions regarding federal life insurance programs, you should speak to your payroll department. Deductions for federal life insurance plans are handled directly by federal government payroll employees.
Regardless of whether you are employed by the federal government or a state, the opportunity for group insurance within these two agencies is essential and should be taken advantage of. Overall, federal and state life insurance programs are an exclusive benefit for employees and their families. Contact us today for assistance with determining the type of plan that most suitably applies to you and your family.
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Federal life insurance is a group life insurance program available to federal government employees, retirees, and dependents.
State life insurance consists of group life insurance programs available in each state. In some instances state life insurance policies are only available to full and part time employees. Yet in other instances, state life insurance is readily available to individuals who reside within the state, in addition to state employees.
Advantages of federal life insurance include having the security of a life insurance policy regardless of an individual's job description, and any extra risks associated with a job; entitlement to life insurance benefits despite a service related disability; and automatic eligibility for life insurance based solely upon an individual's employment with the federal government.
Additionally, if an individual is fully disabled upon discharge from the military, there is the possibility that he or she may be able to maintain life insurance coverage for up to two years at no cost. Lastly, an individual's age will not affect the cost of federal life insurance.
The main disadvantage of federal life insurance is that the government only pays for one-third of life insurance premiums; thus leaving individuals with the responsibility of footing the remainder of the premium.
Advantages of state life insurance include the security of keeping a life insurance policy despite being laid off. State life insurance premiums are affordable and, in some cases, paid entirely by the state.
The main disadvantage of a state life insurance policy is the change that occurs when an employee is laid off. Upon being laid off, individuals are given the option to keep their life insurance policies with limited benefits and the possibility of a higher premium.
All federal government and state employees are entitled to life insurance policies. If you are interested in more information regarding federal and state life insurance programs, there are a number of websites available with helpful resources.
If you are a state employee and you have questions regarding state life insurance, you should speak to a human resources representative. If you are a federal employee and you have questions regarding federal life insurance programs, you should speak to your payroll department. Deductions for federal life insurance plans are handled directly by federal government payroll employees.
Regardless of whether you are employed by the federal government or a state, the opportunity for group insurance within these two agencies is essential and should be taken advantage of. Overall, federal and state life insurance programs are an exclusive benefit for employees and their families. Contact us today for assistance with determining the type of plan that most suitably applies to you and your family.
