By providing group life insurance to your employees, you give them peace of mind that their loved ones are well.
There are various ways to demonstrate to your employees that you care. By providing group life insurance, you give them peace of mind that their loved ones are well. In addition, group life insurance usually comes with a comprehensive benefits package that includes health, dental, and other coverage for your team. In this article, let’s explore group life insurance to determine the best decision for your company and employees.
The Meaning of Group Insurance
The business becomes the policy owner when you purchase a group life insurance policy for your team. As a policy owner, your company manages the insurance policy, and the employees receive certificates confirming proof of insurance. Additionally, group life insurance operates much like individual life insurance policies. With that in mind, the staff determines one or more beneficiaries who will receive the life insurance benefit if the employee dies because of a covered cause of death.
Requirements for Group Life Insurance
The requirements for group life insurance vary. Most employers require their employees to wait until after a probationary period before qualifying for group benefits such as health and life insurance. For most industries, there is a 3-month delay from full-time employment.
Moreover, employees lose eligibility for your company plan if they leave the company voluntarily or involuntarily. Employees can then decide to convert all or portion of their group life insurance to individual insurance.
Continuation of Group Life Insurance
What if you can provide your employees the opportunity to continue their group insurance coverage after they leave your company? And why should you care about coverage for workers who resign? One primary reason is that it’s an excellent selling point when you inform new employees that they have the choice to continue their coverage after termination. In fact, this opportunity is group insurance conversion privilege.
Even though your former employees no longer qualify for your master group insurance plan, insurers will allow them to subscribe to an individual policy based on their previous group life insurance coverage.
Get Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your go-to provider for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on Twitter and LinkedIn for the latest voluntary benefit news!