Group life insurance is insurance provided by an employer or other entity that covers either workers or the members of a given group. It’s commonly doled out in employee benefit packages. Sometimes called term insurance, this useful and intelligent life insurance approach can help people who don’t have another form of life insurance feel more secure, knowing that they’re protected no matter what.
How Does Group Life Insurance Work?
Typically, people get group life insurance through their jobs. Many employees offer term insurance as a benefit, at little or no cost to the employee. In some cases, people who have term insurance decide to purchase more life insurance on top of it. This additional insurance is called supplemental life insurance, and it varies slightly from primary group policies.
In most cases, the group life insurance provided through employers provides a minimal level of life insurance coverage at no added cost to the employee. In most cases, coverage is guaranteed. If an insured person passes away during the term of coverage, the money from the policy goes directly to that person’s spouse or named beneficiaries.
How Group Life Insurance Can Change Your Life
From providing a simple solution to ensuring quality protection, life insurance can change and enhance your life in dozens of ways. Here are a few of the most important:
1. It’s A Convenient Way To Get Life Insurance
For people who have been meaning to purchase life insurance but haven’t, or for those who don’t have life insurance through other means, group life insurance is a smart option. Since many employees have the choice of getting life insurance through their workplaces, taking that option removes the need to secure coverage by other means.
2. It Can Be A Simple Way to Get Affordable Coverage
For people who want a great deal, group life insurance is typically a good place to find it. Because these are employer-sponsored plans, they’re typically more affordable than other options, and can usually provide rates you couldn’t get anywhere else.
3. Group Policies Can Be a Good Option for People with Existing Medical Conditions
In some cases, people who already have pre-existing medical conditions can secure better rates through a group policy than they could on their own. While the customer might be required to fill out a questionnaire and answer several health-related questions, a medical exam is not always necessary.
4. It Can Give You Peace of Mind
Life insurance is a critical form of coverage, and those who don’t have it leave their family and loved ones vulnerable to undue financial burden if anything happened or the insured person passed away suddenly. Funeral and end-of-life expenses commonly exceed thousands of dollars, and those obligations can be crippling for people who did not expect or had not prepared for them.
Fortunately, group life insurance can provide the coverage individuals, and their families need to rest easy knowing help is available should the unexpected strike.
5. You Don’t Have to think About it
The world of insurance can quickly get complicated and confusing. The beauty of a group life policy, however, is that you don’t have to think much about it. Since it comes through an employer, most of the ins and outs of the policy are handled for you, and all you need to do is step into it and take advantage of its benefits.
Group Life Insurance: A Great Option for Atlantic Canadians
If you’re considering purchasing life insurance but you haven’t just yet, or you have a pre-existing condition and need coverage, anyway, group life insurance can be a fantastic option. Designed to be affordable, accessible, and convenient, these unique policies can overhaul your life, health, and wellbeing by taking the concern of life insurance off your shoulders and allowing you to rest easy knowing you and your family are covered in the event something terrible happens.
What’s more, because group life insurance is employer-sponsored, it’s typically a very affordable way to secure insurance coverage, and you may well find that a group policy offers you a deal you couldn’t find elsewhere. This, in turn, makes it an attractive option for many consumers and has served to elevate group life insurance to a position of popularity and acceptance among Atlantic Canadians of all backgrounds.