Employer Group Life Insurance in Washington
Group life insurance is ideal for employers is an easy affordable way to provide peace of mind for your employees.
Understanding Employer Group Life Insurance In Washington
Most employers offer group life insurance to their employees because it’s inexpensive. An employer can offer a basic $25,000 term life policy for a couple of dollars per employee.
Employer group life insurance plans typically have a Guaranteed Issue amount where there is no health questionnaire to qualify for the plan.
Your employees will need to list a beneficiary, and they can change beneficiaries at any point. Normally employers offer a basic term group life insurance plan and allow the employee to purchase more coverage voluntarily. This additional premium would be automatically deducted from their paycheck. They may also need to undergo a medical exam.
For more information, consult your employer group life insurance provider.
Pros & Cons of Group Life Insurance
Life insurance is a popular product in employee benefits packages (and one of the commonest insurance products in general), and a quick glance at their advantages and disadvantages will show you why:
- Employer Pros & Cons – The cost of employer group life insurance plans for small business is low, so most employers can easily afford it. It’s a key part of any benefits package, and its being so affordable sweetens the deal. It also alleviates the stress when an employee passes away of how the employer will help the employee’s family during the difficult time. There are no major disadvantages for employers. Plus, employers can get group life insurance without questionnaires, which is very convenient.
- Employee Pros & Cons – Employees usually don’t have to pay anything for group life insurance, but opting for additional buy up coverage will increase the premium. Secondly, individual life insurance is rather expensive, and employer group life insurance plans are affordable in contrast, even if the employee wants additional coverage. The biggest downside for employees is that the policy is controlled by the employer. If they were to change employment, or if you decided to terminate the plan, then the employee would no longer have coverage.
Finding the Right Employer Group Life Insurance Agency
Finding the right agency is just as important as getting the right plan. Both are crucial in ensuring that you’re paying a reasonable premium, and that your employees have good coverage and sufficient information. McGregor Benefits can help you analyze your employer group life insurance options.
Related Group Life Insurance Reading
What happens to your employee’s life insurance if they leave the job?
Employer Group FAQs
How do group life insurance policies work?
Group life insurance is often provided as part of a complete employee benefit package. When group term insurance is provided through your employer, the employer usually pays for most (and in some cases all) of the premiums. The amount of your coverage is typically a flat amount or equal to one or two times your annual salary.
Employee Benefits Services We Offer
We value personal relationships, affordability, reliability, compliance and simplicity.
Group Health Insurance
Medical insurance, also known as health insurance, reimburses the insured for expenses incurred from illness or injury or pays the care provider directly for those expenses.
Group Dental Insurance
Offer employees coverage for dental procedures ranging from annual exams and cleanings to fillings and root canals. Choose from multiple levels of coverage and carriers.
Group Vision Insurance
Vision insurance often covers routine eye health expenses such as eye exams, contact lens & fittings, eyeglass lenses and frames, and may provide a discount on LASIK.
Group Life Insurance
Offer employees the option to protect their family & assets in the event of the employee’s death with group life insurance plans like term or permanent life insurance policies.
Group Short Term Disability
Offer workers a portion of their salary if they are unable to work for a short period – typically three to six months.
Group Long Term Disability
Offer workers a portion of their salary if they are unable to work for longer periods – typically over 3 months.
Self-Funded Health Insurance
Reduce insurance costs for you & employees, and customize the plans that you offer to your employees.
Offer employees products such as dental, vision, life, LTD and accident. These are paid for by the employee through payroll deferral.
Included In Your Employer Group Insurance Plans
Our producers hold enrollment meetings so your employees understand the benefits and take the time to answer all questions and concerns.
Tired of all the paper forms? We offer online benefits, HR onboarding, compliance resources & ACA analytics.
We have helped thousands of employees with claim issues. We understand the claim issue pitfalls, encourage your employees to call us for help and we will call the insurance carrier on their behalf.
The moment we receive your renewal we will analyze the marketplace. We will present options so you can offer affordable benefits that are in line with your company’s expectations