Wealth &
Protection Planning

Group Life Insurance

Your employees play a key role in the success of your business.  By offering a benefits program, you can help protect the well-being of your employees and their families.  Group life insurance is an important aspect of your employee benefits package, as employees rely on it to provide financial security for their families.  While the death of an employee is rare, it is an unexpected event that you need to be prepared for. 

Group life insurance covers the lives of multiple persons such as some or all employees of a business, members of a labor union, or members of an association.  Depending on the group life insurance policy, the insured person may receive life insurance coverage as an employee benefit, make a contribution to pay part of the cost, or may pay for the group life insurance policy on his or her own. 

Unlike an individual life insurance policy, group life insurance coverage is not based on the risk associated with an individual person.  Group life insurance polices are established based on the risk factor of the group as a whole, so higher risk members of the group are protected from being adversely singled out and either excluded or forced to pay more.  A member of a group life insurance policy is typically protected from an employer or organization cancelling his or her specific insurance as long as the person remains a member of the group.  When an individual buys into a group life insurance policy, he or she cannot be exempt from the group life insurance coverage while remaining in the group, and may have the option to continue to buy into the group plan for a certain period of time after leaving. 

Contact a STRIVE Wealth Advisor for more information about group life insurance. 

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