Benefit Consultants Articles

Your Company’s Benefit Plan Consultants will agree that offering a respectable group benefit package that includes group life insurance is crucial. The legal requirements of group insurance tend to be consistent throughout the majority of the United States. Consider the following basic characteristics:

- Coverage is generally available without any evidence of insurability. This means the individual does not need a medical examination.
- Certificates of Insurance are issued to the insured while the master policy is issued and owned by the employer, trust, union or other association.
- Insurance is not to be issued to benefit the employer, trust, union or other association. The insurance coverage must be for the benefit of the employee or member and their dependents.
- All states define a group as having at least 10 people covered under the master contract. Some States do allow smaller groups.
- If the premiums are paid solely by the policy owner then it is known as a non-contributory plan. All eligible employees or members must be covered. If the premiums are paid by both the policy owner and the insured then the policy is known as a contributory plan. At least 75% of all eligible employees or members must be covered.

Group life insurance for your management and employees is more than just a lump sum of money paid out to loved ones after death. Many company owners don’t realize that some life insurance plans provide helpful programs and services as well. Some policies may include:

- Access to comprehensive services and support to beneficiaries including legal, financial and bereavement counseling.
- Online Will preparation services that will assist people in creating as well as maintaining customized life and health legal documents.
- If an individual is diagnosed with a terminal or critical illness, such as cancer or the damaging effects of a heart attack, they may elect an accelerated payout of life insurance benefits. This benefit can be an aid in helping to cover costs of alternative healthcare or in helping individuals and family members in facing the financial challenges that will inevitably occur.

Attract top notch employees. Call your professional Benefit Plan Consultants TODAY!

About The Author: For similiar articles please see:
Benefit Plan Consultants and Employee Benefits Consultants

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