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Group Life Insurance by Legacy Insurance

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Group Life Insurance provided by Legacy Insurance

In today’s day and age, group life insurance plans have become a preferred form of life insurance protection for employees and employers alike. These plans can provide term insurance coverage, annuity benefits, health insurance protection, and liability protection. 

What is Group Life Insurance?

Group life insurance is provided by an employer or another large-scale entity, such as an institution or labor organization, to its workers or members. It is relatively inexpensive, may even be free for certain employees, and is common nationwide.

Group life often has a relatively low coverage amount and is offered as a part of a larger employer or membership benefit package. Members of a group life policy do not need to present to a medical examination and are not subject to individual underwriting.

The Benefits of Group Life Insurance

For employees

  1. Default Low-Cost Cover

Group life insurance is a great way to provide affordable coverage to each group member. Compared to having individual life insurance plans, group life insurance policies are cost-effective and often provide a default death cover as an incentive for employees. 

  1. No Prerequisites

The insurance company considers various factors, including lifestyle habits and medical history, in individual life insurance policies, before issuing them. On the other hand, purchasing a group life insurance plan is no prerequisite. 

  1. Hassle-free Claim Settlement Process

The claim settlement process for a group life insurance policy is usually brief and straightforward. The employee or their beneficiaries must only submit the required documentation to initiate the claim settlement process. 

For Employers

  1. Low Premiums

Generally, employers pay the premiums payable under a group life insurance policy. However, employers can significantly lower their expenses instead of purchasing individual plans by opting for group insurance plans to cover the same number of employees.

  1. High Employee Retention

With the protection of a group life insurance policy as an incentive, employers can reduce employee attrition while increasing employee retention and boosting loyalty.

  1. High Morale Among Employees

The security and peace of mind provided under a group life insurance policy helps keep employees stress-free and enable them to focus on the essential tasks at hand.

Why offer Group Life Insurance?

No matter what phase of life your employees are in, they appreciate having life insurance to protect their loved ones. In addition, life insurance is an integral part of many families’ long-term financial plans.

Many employers offering employee benefits consider group-term life insurance an essential part of their benefits package because it provides employees with a basic level of protection. Plus, adding voluntary term life insurance to your benefits package allows employees to purchase additional coverage for themselves and their dependents.

Already have Group Life Insurance? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.

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