For many individuals, the only life insurance they have is a group basic life plan they got through their employer. And, while group life insurance offers its own set of benefits and is often available at little or no cost, some employees need more coverage. This is where supplemental life insurance can help.
If you are a single parent, have several dependents, or are the only employed spouse, additional term life insurance can cover major expenses and help to protect your family’s financial security. The cost of coverage typically depends on the risk that you want to insure against as well as the possibility of those risks taking place.
So, whether it is enrollment season at your workplace or you have been hired at a job that offers supplemental life insurance, consider the following benefits:
employers often get better rates than individuals who try to become insured on their own. Your employer may even contribute to part of the premiums.
though you may need to complete a questionnaire, it is much easier to get insured through a group plan because you do not need to complete a physical medical exam (a plus for those with serious health conditions).
with the help of your employer or a third party such as a professional employer organization (PEO)
, you can quickly and easily get coverage.
Types of Supplemental Life Insurances
While plans vary based on the company that provides the insurance, we offer three affordable supplemental life insurance options.
- Employee supplemental insurance – premiums are based on your age and the coverage level you need. You will have to choose a beneficiary to receive the benefit in case of your death and may choose up to $500,000 in coverage.
- Spouse supplemental life insurance – premiums are based on the age of your spouse or domestic partner and the level of coverage that you need. You will have the choice of purchasing up to 50% of employee’s elected amount and may need to show evidence of insurability (EOI).
- Child(ren) supplemental life insurance – if you elect to get supplemental life insurance coverage for yourself, you may be able to purchase dependent child life insurance for eligible dependents for $10,000.
Life insurance is a topic most families do not want to think about but is important to take care of. When a loved one passes away, families are not only emotionally heartbroken but often face many financial burdens as well. Employers can help lessen some of those burdens by offering supplemental life insurance.
At Professional Employers Resources, Inc.
(PER), we offer a variety of high-quality insurance plan options for employees and their families. If you have questions or would like information on the many benefits we offer, please contact us today by calling 888-599-4990
or by visiting our benefits administration page