Voluntary Life Insurance is a type of life insurance in which employees have the freedom to select adequate levels of life insurance coverage to protect the well-being of their families. By adding Voluntary Life Insurance to your benefits package, you’re helping to protect your employees and their families from financial hardship in the event of a death. If you are offered voluntary life insurance through your employer you should usually take it, especially if you have no other life insurance of your own. Voluntary Life Insurance offered in any benefits package would be considered 100% employee paid.
• Liberal benefit maximums and guaranteed issue amounts – options range from $10,000 up to a maximum of $500,000, depending on the carrier.
• Dependent Coverage – Offers coverage for spouse & dependent children as well.
• Waiver of Premium Rider – Waives the obligation to pay any further premiums should an employee become totally disabled (specified amount of time differs by policy contract).
• Conversion – Allows an employee to convert their Voluntary Life Insurance into an individual whole life insurance policy.
• Portability – Allows an employee to port (continue) their Voluntary Life Insurance when their employment is terminated (voluntarily or involuntarily). This is a Term Life Insurance product (for a specified period of time) and does not build cash value.
Voluntary Accidental Death and Dismemberment is a type of policy that pays benefits to beneficiary if the death is caused by an accident, rather than natural causes, or dismemberment, which includes the loss of the use of certain body parts (including limbs or eyesight).