Life Insurance Leads Orlando Florida FL
Reader’s Question:
A life insurance agent from Orlando Florida FL told me that group life insurance is the most affordable way to get life insurance coverage. Any tips on this?
Daniel
Orlando, FL
With group life insurance, a single life insurance policy covers an entire group of people. With this type, life insurance policy owner would be an employer or other entity like a labor organization and the life insurance policy covers the employees or members of the group. Group life insurance is mostly provided as part of most companies’ complete employee benefits package. The cost of group coverage is less than what you would pay for a similar amount of individual protection. So, if you are offered group life insurance through your employer or another group in Orlando Florida FL, you should consider it – especially if you have no other life insurance or if your personal coverage is inadequate.
The employer stands as the policy owner. The employer or other entity keeps the actual group life insurance policy which is often termed as the “master contract”. All covered individuals would receive a certificate of insurance. This issued certificate proves that you are insured but it is not actually a life insurance policy. With other types of life insurance policies from other companies, group life insurance allows you to choose your beneficiary.
Term life insurance policy is the most common type group life insurance, even in Orlando Florida FL. Group term life insurance policies for most insurers are typically provided in the form of yearly renewable term insurance. When group term life insurance is provided by your employer, the employer will pay for most of the premiums. If you are lucky enough, some employers pay all the premiums. The amount of your life insurance coverage will be, in most cases, equal to one or two times your annual salary. Group term life insurance coverage remains in force until your employment from your company is terminated or when the specific term of coverage ends. In most cases, you will have the option to convert your group coverage to an individual policy if you leave your employer. It is interesting to note that most would rather no do this because individual life insurance premiums will tend to be much higher than group premiums. Only those who are otherwise uninsurable take advantage of this conversion option.
Tags: group life insurance, group life policy, life insurance leads, group term life insurance
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