Group life insurance is a policy that insures employees for group life insurance, disability insurance and other coverages. Many jobs offer this coverage to their employees, which helps them to receive benefits without any large cost to themselves. What exactly does this benefit bring and is worth it?
Why Do Employers Offer Group Life Insurance?
One of the reasons this policy works for your employer is because it can reduce employee sick leave by providing rapid medical attention. This ensures speedy recovery from illnesses and lets you, the employee, focus more on his or her job.
How Does Group Life Insurance Work For The Employee?
The main benefit is the money saved by not taking a private life insurance plan to cover all the benefits. The savings aspect is doubled when you receive the group life insurance plan free or at a discounted rate.
Is Group Life Insurance Permanent?
It is permanent as long as the company is in business. But if you leave, are fired or the business shuts down, you only have 30 days to convert to a whole life policy which is much more expensive. And that’s another reason to have your own cheap life...
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