Affordable life insurance at work

If you enroll in a life insurance plan at work, you gain the advantage of affordable group rates and the confidence that your employer has done the research and has selected a reputable benefits provider. You may also have several different types of plans to choose from, as shown in the quick review below.

But whatever plan you choose, as an employee you can usually get the amount of insurance you need without any medical screening as long as you:

  • enroll when the plan is first offered to you, and
  • apply for coverage that is no more than the guaranteed amount.

If you delay, you may be required to answer medical questions or possibly undergo a physical exam that the insurance provider would pay for.

That's why it's important to contact your benefits administrator to learn about what life insurance plans are available to you—and to enroll right when they are offered to you!

  • Employer paid life insurance. This is usually a group term life insurance policy that pays your beneficiaries a specified amount of money if you pass away. Your employer typically covers the cost of the policy and provides the insurance as a benefit as long as you stay with the company.
  • Optional life insurance. Your employer may also offer you additional term life insurance so you can add more protection than what the company provides, at an affordable price. If you buy an optional life policy, you are covered as long as you remain an eligible employee and continue to pay your premiums.
  • Voluntary life insurance. If your employer doesn't offer a basic life plan, you may have the option of purchasing a voluntary life insurance plan instead. This can be a good way for you to purchase term life insurance coverage at a group rate that is lower than what you might pay on your own.
  • Accidental Death & Dismemberment (AD&D) insurance. Some employer group life insurance plans may also include AD&D insurance. AD&D insurance would pay you or your family an additional benefit if you suffer a covered loss due to an accident.

To find out if your company offers life insurance for employees, check with your benefits administrator today.

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