Group Life Insurance Policies in Illinois
As an employer, you are aware of the importance of employee benefits and their contribution to your business success. Group Life Insurance can offer you and your employees another great benefit to go with their Group Health Plan. The amount of coverage can be based on a multiple of earnings, flat amounts, or a combination of the two. Langlois Insurance Agency offers levels of guaranteed issue for groups of ten or more. This determines the amount of coverage available without proof of good health. By offering an affordable Life Insurance option to your employees, it will help you hire and retain valuable employees. It will also give them the multiple benefits of a Life Insurance policy, something that may have previously been not affordable.
Group Life Insurance will offer you and your employees similar benefits as an individual plan including:
- Covering final expenses.
- Providing your heirs with an inheritance.
- Continuing to provide for your dependents.
- Contributing to charities.
- Paying federal and state death taxes.
The advantages of Group Life Insurance for your Employees are:
- Valuable Life Insurance protection provided at a low group rate.
- The right to name and change your beneficiaries at any time.
- Waiver of Premium Disability Benefit rider is available at no extra cost.
Unlike an Individual Life Insurance policy, Group Life Insurance coverage is not based on the risk associated with an individual person. Group Life Insurance policies are established based on the risk factor of the group as a whole. Therefore, higher risk members of the group are protected from being adversely singled out. A member of a Group Life Insurance policy is typically protected from their employer or organization cancelling their specific insurance since the person remains a member of the group. When an individual buys into a Group Life Insurance policy, they cannot be exempt from insurance coverage since they remain in the group. In addition, employees may have the option to continue to buy into the group plan for a certain period of time after they have left the company.
For more information, contact Langlois Insurance Agency at 800-914-1296 for your free evaluation of your business needs for Group Life Insurance. Call Langlois Insurance Agency at 800-914-1296 for your FREE Group Life Insurance Quote today.