Voluntary Life Insurance

Voluntary Life Insurance

A life insurance policy that an employee may elect to purchase if he/she feels the employer-sponsored insurance does not provide sufficient coverage. The employee pays all premiums on his/her own (that is, without help from the employer). The death benefit of a voluntary life insurance plan is usually expressed as a multiple of the employee's annual income. For example, the plan may pay three times the employee's final salary when he/she passes away.
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Through my legal work, I look forward to supporting the enterprise strategies and advancing our mission." Haramalis comes to AFBA and 5Star Life with experience in insurance law, voluntary life insurance programs, and military and veteran affairs.
Employer-provided life insurance should always be supplemented by voluntary life insurance options.
In terms of how much coverage employees are choosing with Colonial Life's plans, coverage for voluntary life insurance tends to be in the $100,000-to-$200,000 range.
The survey team asked the workers without voluntary life insurance why they had none.
More than 90 percent of the employers offered vision insurance and dental insurance through their private exchange programs in 2015, and 87 percent offered voluntary life insurance. In some cases, the employers might not have offered voluntary versions of products because they offered traditional employer-paid group versions of those products.
It provides an interactive learning experience that makes understanding the value of voluntary life insurance more digestible.
Voluntary life insurance plans put the power back in the hands of employees, enabling them to make decisions that best fit their needs.
But they easily can make this vital financial protection and customized benefits education available to their employees at no cost to the business through voluntary life insurance.
Voluntary life insurance can be available even in small accounts where the employer isn't paying for anything.
Voluntary life insurance. According to the 2005 MetLife Study of Employee Benefit Trends, one-third of employees want their employers to offer more voluntary benefits.
* If you sponsor an employee-paid voluntary life insurance plan and the rate schedule straddles the IRS table I rates (meaning some of your age bands are higher than Table I and some are lower), you need to impute income on the value of the life benefit for age bands that fall below Table I.
Take the evolution in voluntary life insurance, for example.
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