Facts About Group Life Insurance in Huntington and Charleston, WV

 Protecting one's assets is important, but the greatest gift every individual enjoys is life. It is essential to guard it fiercely, too. Yes! A person may overcome health issues by getting proper treatment, but sudden demise often leaves the dependents in jeopardy, especially when the financial situation is not too good. No worries! This is what insurance is all about. Buying individual life insurance may be extremely pricey and comes with many restrictions, many individuals find it advantageous to be covered by group life insurance in Huntington and Charleston, WV.

Interestingly, group insurance is provided by the employer or an organization to its employees or members. The employer may provide coverage for free or share the cost of the premiums. Employees are happy to find a means of protecting their dependents after their death.

Some of the facts to understand about group life insurance policy include the following: -

· The employees /members included within the group do not have to undergo a medical examination to be eligible for insurance coverage

· The coverage is usually limited and not as extensive as an individual policy

· The employer often provides group life insurance as an employee benefit. While the employer owns the policy, it may also be linked to the company pension scheme.

· Alternatively known as death in service benefit, the payouts go to the beneficiaries of the employee who dies when being employed.

· The group life insurance is not the same as workers' compensation insurance, though. The insured group members do not have to die on the job to obtain the benefit. Instead, the life insurance money will be paid to their family members as long as the insurance policy is in force.

· Choosing the plan is the employer's prerogative who is free to choose the coverage that amounts to a multiple of the employee's gross salary paid yearly

· The employee who leaves the company or passes away will not be eligible for the payout by the insurance company.

Group life insurance is popular with both employees and employers for various reasons. The company owner finds it to be an excellent way to ensure the following: -

· Retention & Recruitment- A majority of small and medium companies lose out on retaining the best talents in the industry as bigger competitors pick them up. The valuable employees are interested in being covered by group life insurance that looks after them and their families. Quitting the company for better prospects is rare for employees covered by group insurance

· Tax Benefits- The business owner is pleased to know that providing group life insurance to the employees can be a tax-deductible expense. However, the employer should seek advice from financial advisors before going ahead without knowing the extent of benefits.

· Improved Employer-Employee Relationship- The workforce is happy to be provided with insurance coverage without spending money. This ensures a good relationship between the two, increasing workplace productivity.

Most employers also provide small business health insurance in Princeton and Martinsburg, WV, especially when the company in question is unable to compete with more prominent players in the industry.