BENEFIT PLAN CONSULTANTS
Author: BenefitConsultants.com
Benefit Plan Consultants provide group life insurance as part of a complete employee benefit package.
Group life insurance is a life insurance contract that covers an entire group of people. All states define a true group as consisting of at least 10 individuals. Some states do allow even smaller groups. The policy owner is typically an employer or an entity such as a labor organization. The policy covers the employees or members of the organization.
Your company, as the policy owner, keeps the life insurance policy which is commonly referred to as the master contract. Each employee who has chosen to take part in the coverage should receive a certificate of insurance that serves as proof of their coverage as well as confirming beneficiary details. This group coverage remains in force and effect until the employee is no longer employed or until the specific term of coverage ends.
The most common form of group life insurance is Term Insurance. Premiums will be based on the experience of the group as a whole. Management and employees covered under the master plan will usually be classed by salary, position or length of service, and therefore they cannot choose the benefit levels. Premiums may be paid entirely by the policy owner or they may be paid jointly by the policy owner and the insured employee.
Group Term Life Insurance coverage has special provisions that are unique to the specific category defined as “group coverage”. Your company’s Benefit Plan Consultants will guide your management and employees to the group coverage package that is best suited for all involved.
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