A group term life insurance policy refers to a type of contract between an organization and the employee working in it. Under this scheme, a life insurance coverage is offered to all the employees of an organization. It can also be obtained by a group of some other category of people who apply for it.
The policy would offer coverage for the unexpected death of an employee. The benefits offered in this case are generally computed, keeping in mind, the income wages lost by the employee.
Generally, a group term life insurance policy is inexpensive when compared to other individual life insurance policies. This type of a life insurance policy costs very less to the insurer. Apart from being affordable, group term life insurance is also very easy to obtain, as one doesn’t have to go through a lot of paperwork. One also does not have to struggle a lot with qualification criteria, when purchasing a group term life insurance policy.
As far as the organizations are concerned, the process of offering this type of a life insurance policy to their employees is lot more to handle for them as well.
A company finds it much more affordable offering group term life insurance to its employees, as compared to other individual life insurance policies for each employee. There are guaranteed multiple accounts from one sale & this is considered as their incentive for offering this type of policy.
It has really become very important to offer competitive benefits and allure the best employees, in order to run the company well. Offering group term life insurance policy would prove to be a great option for both employer as well as the employee.
As an employee of an organization, if you quit the organization, you don’t have to worry about the benefits of life insurance you leave behind.
Most group term life insurance plans offer the flexibility of converting them in to individual policies under the circumstances, where an employee quits the organization.
The insurance premiums are tax-deductible, and this feature makes group term life insurance, an attractive and preferable policy.
The routine individual physical examinations that one must go through for many individual policies are exempted in the case of group term life insurance. This feature is the best one that would attract any proficient & qualified employee to your office.
Buy a group term life insurance today, as it is a great benefit to you as well as your employees.