Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Nov 4, 2020

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If you are the owner of a small or even a large business you already know the importance of attracting new employees as well as retaining current employees in a very competitive job market. In order to achieve this, offering an employee benefit, such as a voluntary employee group life insurance plan, can play an important role.

We at Top Quote Life Insurance would like to inform you about a 100% voluntary employee group life insurance plan that we can offer to your employees, both new and future. The employee group life insurance plan gives your employees the ability to purchase affordable life insurance options with premium payments deducted directly from their paycheck. Since this is a voluntary plan, it is at no cost to the employer.

Interested in offering your employees the option to purchase affordable life insurance coverage?

Looking to compare life insurance policies? We can help. Enter your ZIP code to get free quotes from multiple insurers.

Why Offer a Voluntary Employee Group Life Insurance Plan

Employees want benefits through their employer and offering them a way to purchase affordable life insurance protection will boost employee satisfaction with the company that they work for. A LIMRA (Life Insurance and Market Research Association) 2013 study reported that 60% of employees would prefer to purchase their life insurance through their employer and the reason for this is because it’s an easy process, generally a better value, they trust their employer and like having premiums deducted from their paycheck.

Many Americans have no life insurance coverage for themselves or their family members.  An employee group life insurance plan will allow for employees to not only purchase life insurance protection on themselves, but also their family members.  Since each employee will have different life insurance needs than their fellow coworker, a voluntary plan will allow each employee to tailor a plan that best suits their coverage needs.

For individuals that are non-insurable due to medical reasons, a group life insurance plan may be their only option for life insurance coverage. This opportunity can be extremely beneficial not only to the employee, but also the employee’s family. Rates will also be affordable since they are based on the applicant’s current age and not their health.

 

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What does a Voluntary Employee Group Life Insurance Plan have to Offer

Here is what to expect when offering a voluntary employee group life insurance plan to your employees.

  • 100% Voluntary – This program is completely 100% voluntary and is at no cost to anyone but the employee wishing to purchase coverage. It is not required that all employees participate in order to qualify for coverage.
  • Easy Premium Payments – Life insurance premiums are simply deducted from the participating employee’s paycheck. We will meet with the HR rep or payroll manager to discuss how the group’s premium payments will be paid.
  • Portable Coverage – If the employee leaves the company or retires, coverage can be continued.

 

Available Group Life Insurance Coverage Options

  • 10 or 20 Year Term – Coverage has a fixed premium for 10 or 20 years depending on the term length selected.
  • Term with ROP (Return of Premium) – Coverage has a fixed premium length of 20 years. At the end of the 20th policy year all premiums are paid back to the insured.
  • Universal Life – Fixed premium life insurance coverage guaranteed to last a lifetime
  • Whole Life – Also fixed premium life insurance coverage but can gain cash values and will be paid up at age 65.
  • Optional Policy Riders – Accelerated Benefit (Free), Accidental Death, Children’s Term Insurance and Waiver of Premium.

 

Eligibility & Guaranteed Coverage Amounts for Voluntary Employee Group Life Insurance Plan

ELIGIBILITY:

  • Employees must be actively working at least 20 hours a week.
  • Employees spouse, children and grandchildren are eligible for coverage.
  • An employee does not have to purchase a policy on them self in order to purchase a policy on a family member.
  • An employee can purchase up to $50,000 of life insurance coverage on their spouse without spouse signature on the application.
  • Children can be added on the parents policy for $1 a week which would give them $10,000 in life insurance. After age 25 child will have to option to get $50,000 of permanent life insurance.
  • Not all employees need to participate in order for the group to be approved.

GUARANTEED COVERAGE AMOUNTS:

Businesses with 15 or more employees will qualify for the following term or whole life insurance coverage amounts, guaranteed regardless of weight or health… No medical questions asked.

  • Ages 18-50 = $100,000
  • Ages 51-60 = $75,000
  • Ages 61-70 = $25,000

* The business must have a total of 15 employees to qualify for guaranteed approval but not all 15 have to apply. If your business has less than 15 employees they may qualify for simplified issue (no medical exam) that consist of answering only 3 medical questions. 

If an employee would like more life insurance coverage than the guaranteed limits, the additional coverage will fall under simplified underwriting. Regardless of the outcome of the simplified underwriting the employee cannot be denied the guaranteed amount.

 

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How to Get Started with a Voluntary Employee Group Life Insurance Plan

If you are a business owner and are interested in exploring the opportunity of offering a 100% voluntary employee group life insurance plan for your employees, we can help. We will discuss with you, your company needs to design a program that everyone will be excited to be part of.

Send us message below with a good date, time and telephone number where we can reach you at.

Looking to compare life insurance policies? We can help. Enter your ZIP code to get free quotes from multiple insurers.