Group Life Insurance - Offering the Right Life Insurance Coverage for Your Business
Ensure that you and your employees are protected with the right life insurance coverage through a VANTREO concierge broker.
If you've been thinking about adding life insurance to your overall employee benefit package, then you have come to the right place. VANTREO specializes in offering life insurance coverage and other employee benefits to companies of all sizes, and in a variety of industries.
Group life insurance is a type of insurance protection where one single contract covers an entire group of people. This coverage provides a benefit to the policy beneficiaries if a covered person dies during the defined period of the plan. This can help to ensure that loved ones have funds with which to pay for final expenses, unexpected medical bills, or other unpaid debts. This coverage can be especially helpful if a primary wage earner passes away.
VANTREO also has access to the leading Personal and Business life insurance companies in the US. And, with over 100 years combined Life Insurance experience, our experts know how to structure a plan to meet your needs. We'll provide education and support to keep anyone involved fully prepared. Protect what you love with a smarter insurance.
Why Group Life Insurance Makes Sense
Group life insurance differs from individual life insurance in that it covers an evolving group of people. As employees or members of the group change, the demographics of the group may also change - but the life insurance rate and the benefits will typically remain the same.
Life insurance can be provided as part of a complete employee benefits package. In most cases, the cost of group life insurance is less than what an insured would pay for a similar amount of individual coverage.
When life insurance is provided to a group, it is typically in the form of term insurance coverage. This means that there will be no cash value build up inside of the policy. When offered through an employer, the company may pay most or all of the premium amount. The amount of benefit that is provided in a group term life insurance plan is oftentimes one or two times the employee's salary.
Group life insurance coverage will stay in force for an employee until his or her employment ends, or until the set term of coverage is over. At that time, an employee will usually have the option to convert the group coverage to an individual life insurance policy.
What is covered by life insurance?
Group life insurance will often be the foundation of life insurance protection for employees and their families. This coverage pays out a benefit if the covered employee passes away. The death benefit will be paid free of income taxation to the named beneficiary (or beneficiaries).
The funds from a group life insurance plan can essentially provide the employee's loved ones with an emergency fund, which can help in paying off debts, continuing their living expenses, and / or to pay final and funeral costs.
The most common form of group life insurance is term coverage. Typically, this is provided in the form of yearly renewable term life insurance. Term insurance is generally less costly than other types of coverage because it simply offers a death benefit.
Additional coverage in the form of riders can be added to a group life insurance plan in order to offer more comprehensive benefits. Some of these riders may include:
- Accidental Death and Dismemberment
- Common Carrier Benefit
Who is eligible for life insurance coverage?
An employer can typically choose who will be eligible for group life insurance coverage. However, this is not based on certain individuals per se, but rather on certain classes of employees. For example, the employer may allow all full-time employees, all employees who work 30 or more hours per week, or all managers and executives to be covered.
Oftentimes, an employer may also dictate a "waiting period" before en employee is eligible to participate in the plan. Some common waiting periods can be 30 days or 90 days, or alternatively, the employer may have an employee wait until the first of the month following the date he or she was hired at the company.
Why Choose VANTREO as Your Life Insurance Advisor?
At VANTREO, our technology makes choosing and maintaining a group life insurance plan easy. We work with you every step of the way, from enrollment to ongoing administration of the plan. And, with our paperless applications, you and your employees will be able to access information anywhere, at any time. If you're ready to add group life insurance to your employee benefit package - or if you are considering changing the coverage that you currently offer, contact VANTREO at (800) 967-6543, or simply complete the Contact Us for
Discover the VANTREO difference.