Life Insurance Solutions
The purpose of group life insurance is to provide your employees with financial protection for their families in the event of their death, helping replace lost income and preventing financial hardship.
Group life insurance covers employees and, if applicable, their dependents. However, the policy is tied to the employer, not the individual. If an employee resigns or is terminated, their coverage may end along with their employment.
Before getting started, make sure you understand the main differences between individual life insurance and employer-provided group life insurance:
| FACTORS | INDIVIDUAL LIFE INSURANCE | EMPLOYER-PROVIDED LIFE INSURANCE |
|---|---|---|
|
OWNERSHIP |
You own the policy and have full control over its terms, coverage, and beneficiaries.
|
The employer owns the policy and provides coverage as part of a group plan. Coverage is tied to your employment status. |
|
PORTABILITY |
The policy stays with you, regardless of changes in employment or other life circumstances. |
Coverage typically ends if you leave the job, are terminated, or retire, though some policies may offer conversion options. |
|
COVERAGE AMOUNT |
You can customize the coverage amount based on your specific financial needs and goals. |
Coverage is usually limited, often calculated as a multiple of your salary (e.g., 1-2x annual salary), and may not fully meet your family’s long-term needs. |
|
COST
|
You pay the premiums directly, which vary based on factors such as age, health, and coverage amount. Premiums may be higher but are locked in for the term or life of the policy. |
Coverage is typically offered at little to no cost, as the employer often covers most or all of the premiums. Additional coverage beyond the basic plan may require out-of-pocket contributions. |
|
CUSTOMIZATION |
Highly customizable, with options for term, whole life, or universal life insurance, and additional riders for critical illness, disability, etc. |
Less flexible, with standardized plans and fewer customization options. |
As part of your group benefits plan, we can assist you in choosing the right type of group life insurance:
- Employee Life
- Spousal Life
- Dependent Life
- (Optional) Employee Life
- (Optional) Spousal Life
- (Optional) Dependent Life
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