Employer Group Life Insurance in Washington

“43% of Americans have no life insurance” – LIMRA

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.

“4 in 10 households without life insurance would have immediate trouble paying living expenses in the event of losing a spouse or household member.” – LIMRA

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. All too often, insurance agencies fail to inform employees what their benefits are, or don’t try as hard as they could to get their client the best rates possible.

Related Group Life Insurance Reading

What happens to your employee’s life insurance if they leave the job?

McGregor Benefits Is Different

We are an independent health insurance agency in Washington state that specializes in employer group insurance. Our team consists of expert brokers who have decades of experience in this area, and who love the challenge of trying to find you the best plan for your needs. But we don’t just do that – we go a step further!

We organize employee meetings and make ourselves available to your staff so they are aware of their benefits. And we do all of this (and more) for free. Yes, that’s correct – our services to you are completely free of charge to you. All you need to pay is the insurance premium.

We work with 50 insurance carriers throughout Washington state, so we are confident we can find you the right plan. Get in touch with us today!

Need Employee Benefits Consulting?

Happy with your benefit offerings, but want to work with our agency? We can help. Simply contact our office for a broker of record letter, which allows us to offer these services to you now.

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Jim McGregor
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Employee Benefits Services We Offer

Medical 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.

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.

Dental Insurance

Dental insurance helps you pay for routine exams to root canals. However, group dental coverage often offers much more than individual dental insurance.

Vision Care 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 procedures.

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.

Long Term Disability

Offer workers a portion of their salary if they are unable to work for longer periods – typically over six months.

Self-Funded Health Insurance

Reduce insurance costs for you & employees, and customize the plans that you offer to your employees.

Voluntary Benefits Plans

  • Life Insurance
  • Vision Insurance
  • Dental Insurance
  • Disability
  • Cancer & Critical Illness Insurance
  • Accident Insurance

Included In Your Employer Group Insurance Plans

Technology

Tired of all the paper forms? We offer online benefits, HR onboarding, compliance resources & ACA analytics.

Open Enrollment

Our producers hold enrollment meetings so your employees understand the benefits and take the time to answer all questions and concerns.

Annual Renewal

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

Claims

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.

All Year

Send us your enrollment forms and terminations. We are here to help make managing your benefits easier. We will take care of getting them submitted to the insurance carrier.

What is group life insurance?

Group life insurance plans are most often group term life plans. They provide coverage to a group of members, commonly comprised of company employees or members of an organization. Group life members usually receive insurance at a reduced cost because the insurer’s risk is spread across a group of policyholders.

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 equal to one or two times your annual salary.

Start a Conversation

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