Most employees are very appreciative of the option to participate in group life insurance. These policies are a powerful enticement for potential employees, along with the other benefits your company offers. At Timeless Insurance Solutions, we can advise you about the various group life insurance policies available, and how one of these options could work for your business.

The Whole Benefit Package: Group Life

In group life insurance, one insurance policy covers the entire group at a business. The cost of this insurance is typically far lower than any employee could get in an individual policy – an advantage. The employer keeps and manages the policy under what is termed a “master contract.” Every contract (policy) is custom-tailored for the company, and can vary in the percentage paid by the employer and the employee.

A Key Component in Comprehensive Benefits Packages

Group life is one of the key components in a complete benefits package. Employees typically become eligible when hired, or after a probationary period. These policies typically don’t require a medical evaluation, and in most cases, employees merely “check the box” at open enrollment. These are usually term life policies, and the amount paid out in the event of death is usually limited. Nonetheless, employees appreciate this benefit, as it is an easy way to get life insurance and have confidence that some funds will be due to loved ones after death, while the person is working at that company.

Contact Timeless Insurance Solutions and speak with one of our friendly team members about reviewing your current benefits package, and to find out what group life insurance policies could be added.