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While manyemployersconsider offering health and dental coverage for employees, life insurance is a benefit that some overlook. Available in several varieties with each tailored to a different set of needs and goals,group life insurancecan be an excellent avenue for adding value for your employees.
If you’re exploring group life insurance and have questions, Higginbotham is here to answer them.
Term life insurance is widely regarded as the simplest and most cost effective form of group life insurance available. A term life policy works by first establishing a “term,” which is usually as little as one year and as long as 30 years.
After selecting a term length, the employee chooses between a “level term” or a “decreasing term.” Decreasing terms slowly decrease the payment amount each year. Level terms pay the same death benefit throughout duration of the policy.
While decreasing term life policies tend to have lower premium costs than other forms of life insurance, the death benefit they provide may not fully cover the needs of a spouse or dependents.
Unlike term life options, whole life insurance can cover employees throughout their lifetime. While cost per $1,000 of death benefit on a whole life policy typically increases as the employee ages, the premium payment and total death benefit often stays the same year-over-year.
This is achieved through higher premium payments during the employee’s early years and investing the difference in hopes of gaining returns. These returns are then leveraged to offset increases in coverage costs as the employee ages.
If the employee wants to terminate the policy before death, the insurance carrier is usually required to make the cash value of these overpayments available for withdrawal.
Also commonly known as “adjustable life,” universal life coverage is a special type of whole life policy designed to create more cash value flexibility for the employee.
Universal life policies accomplish this by way of a cash value account that earns money at the market rate of interest. Once enough value has accrued in the account, the employee can apply the financial gains to offset premium payments, effectively lowering the monthly cost.
Because the employee can draw from the policy’s cash value, a universal life plan can also serve as a mechanism for post-retirement income replacement.
Variable life is another specialized form of whole life insurance. Like universal life options, variable policies also establish a savings account intended to grow cash value through investment in stocks,bondsand money market mutual funds. While they employ the same basic strategy as universal life, variable life coverage tends to involve considerably more risk.
This is because market fluctuation can negatively affect cash and death benefit values. Though some variable life options cap potential losses by setting a minimum policy value as a trigger for divesting.
Disclaimer: The material on this Website is for general information purposes only. Nothing should be construed as legal, financial, or insurance advice. Please consult your individual legal, financial, or insurance advisors for advice tailored to your needs.
