Group Life Insurance in San Antonio TX & New Braunfels TX
Your Employees are the Backbone of Your Business.
An impressive benefits package can help you maintain a happy and productive workforce. Employees often look to their employers to provide valuable insurance coverage for themselves and their families.
One benefit commonly provided is group life insurance or group term life insurance. This coverage is typically part of a benefits package that employees may purchase through their employers. Various unions and trade organizations may also offer it to their respective groups.
Group term life insurance provides coverage for a group of people under one insurance policy. And although group life insurance is typically easy to qualify for and affordable, it rarely provides the level of coverage you may need. You may want to supplement your group plan with individual life insurance for added protection.
How Is Group Life Insurance Offered?
Coverage offered through your employer is typically provided in a variety of ways. Your company may offer a term policy, permanent coverage, or both, and costs for the group life insurance can vary. Some employers may choose to cover the entire cost, others may require their employees to pay the whole premium, and other companies may split the cost with their employees.
How Does Group Life Insurance Work?
Group life insurance typically works the same as individual life insurance other than the coverage restrictions and who owns the policy. For example:
The insurer pays a death benefit to a designated beneficiary for most causes of death.
Many employers won’t let you keep your group life insurance if you leave the company. If they allow you to keep the coverage, it’s usually more expensive to keep—consider buying your own policy.
If you’ve had difficulty qualifying for your own life insurance in the past, you may want to keep or convert your group policy since no medical exam is required.
How Much Does Group Life Insurance Cost?
The cost of group life insurance depends on the company or organization that manages your policy. As an employer, you may need to contribute some money to the cost of employee premiums, or the cost may be 100% employee-paid. As an employee, you may need to contribute toward the premiums, which can often be done through a payroll deduction.
How Do I Get Group Life Insurance?
Typically, you can enroll in your employer’s group life plan when you start your job. If you choose not to enroll when you’re hired, you can sign up during an open enrollment period or if you have a qualifying life event, such as marriage. And unlike most life insurance, your health and age rarely impact whether you qualify for group life insurance, so no underwriting is needed to obtain coverage.
We Can Help
Group life insurance is an easy and affordable way to build a financial safety net for your family. Look at your debt and financial responsibilities if you were to die. If you have family that relies on you financially, you may want group life insurance and an additional personal life insurance policy. M A R Financial Group can help you with life insurance that meets your financial needs.
M A R Financial Group offers a variety of flexible group life insurance solutions that can benefit both you and your employees. You can enjoy financial advantages as an employer, such as income-tax deductible premiums and life insurance protection at a low group rate.
To learn more about available group life insurance options for your business, our professional staff can gather information about your business and help design a plan that fits your needs and objectives. Call us today at 210-828-7873 to get started.