Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home1/haradeep/articleside.com/configdb.php on line 8

Deprecated: preg_replace(): The /e modifier is deprecated, use preg_replace_callback instead in /home1/haradeep/articleside.com/article.php on line 88
Life Insurance and Group Benefits

Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Life Insurance and Group Benefits

By Nwebb1978 Subscribe to RSS | January 25th 2012 | Views:
loading
 
  



Life Insurance is often a core component of a Group Benefits plan.

As the name suggests, life insurance is a protection for you loved ones or business partners that pays a pre-defined amount of money, often tax-free, in the event that the life insured dies.

Although it sounds morbid to make money from the death of loved-ones, it can be very important to have. Imagine yourself in a situation where yous spouse, or child, passes away and you don't have the funds necessary to give them a proper funeral. Even if you do have the funds for a funeral, do you have enough money to keep up the lifestyle that that your spouse's income helped create? Do you have enough money to take time off work to grieve over the loss of a loved one?

Even from a business perspective, if your business partner passes away, do you have enough money to buy out your partner's widow who had inherited his portion of the business?

It doesn't take much to realize that life insurance holds an important place in group benefits.

The amount of life insurance you get in your group benefits plan depends on the plan design. Often, a formula is used that is based on your annual salary. It can be 1 times salary, 2 times etc. So if you earn $50,000 and the formula says 1 times salary, your life insurance will be in the amount of $50,000. If it's 2 times salary, it will be $100,000.

It's important to note that on smaller groups, you might have to prove you are healthy (it's called proving insurability in the industry) to get larger amounts of life insurance. The plan might have a provision that states, the employee can get up $50,000 without proving insurability or up to $100,000 proving insurability.

It's important to note, that most often, this insurance only covers you while you are part of the group benefits plan. That usually means, when you stop working for the company, you are no longer covered. Keep in mind though, in some cases, you can convert your group coverage to a personal plan within 30 days after of you leaving the plan. It's best to contact your plan administrator for exact details since all plans can be different.

Nwebb1978 - About Author:
More Details:

Group Benefits

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/business-articles/life-insurance-and-group-benefits.htm

Related Business Articles Subscribe to RSS

Take the help of a social security attorney to apply for social security disability benefits
Published by Safinajones on January 6th 2012 | Business
Social security disability benefits is a scheme that is designed to help individuals with disabiliti...
 
Order fulfillment services - its advantages and benefits
Published by Ema Sis on August 23rd 2012 | Business
Fulfillment also known as order fulfillment or else products fulfillment will be it whereby a person...
 
Junk a car: benefits
Published by James Kerry on February 23rd 2012 | Business
Mills Motors is the straightforward and simple way to get paid for your car, sometimes in as little ...
 
Submission in web directory for SEO benefits
Published by Ashish Pandey on April 21st 2012 | Business
Choosing the right kind of web directory for submission of your link can be very beneficial from the...
 
Buy Shoes Online and reap benefits
Published by James Blee on May 23rd 2012 | Business
Shoes are an integral part of your style statement. The way you dress reflects your personality, and...
 
What are the benefits of a Solar Panel Installation?
Published by Mary Porter on June 20th 2012 | Business
There’s massive uproar in the UK at the moment, not only are we paying some of the highest prices ...
 
A basic guideline to SSI and the social security disability benefits
Published by Safinajones on December 22nd 2011 | Business
When you talk about the SSI disability, you might instantly think about the senior citizens. Here ar...
 
HR and employee benefits outsourcing- an Overview
Published by Julia Roger on January 6th 2012 | Business
HR has always been a vital pillar in an organization. They are important to any company because they...
 
The benefits of Solar PV South West
Published by Mary Porter on June 15th 2012 | Business
Solar PV is another term for solar panels and solar power. Many people are realising the benefits of...
 
The benefits of a Mail forwarding service
Published by MailNetwork on February 28th 2012 | Business
The busy life that most of us lead in the super globalized world has made unconventional services li...
 
Explore multiple benefits of movers and packers Hyderabad
Published by Ankita Gupta on February 11th 2012 | Business
Moving from one city to another have became regular part of our life. Mostly our job life makes us t...
 
Recycling and its benefits:-
Published by Jullia on December 23rd 2011 | Business
Recycling is the product of converting waste and use material and processing it to convert it into a...
 
Save big amount of money on your online shopping with the help of online Magazine-group.com Voucher Codes
Published by Gayathri ChaitraDevi on June 21st 2012 | Business
Magazine-group.com Voucher Codes are a boon to all online shopping fanatics. Nowadays there are so m...
 
Web Directory and link building benefits
Published by Ashish Pandey on April 26th 2012 | Business
Posting your website in the web directory can help you in getting the benefits of link building as w...
 
Hackney benefits the buyers with Good Real Estate Companies
Published by Julia Roger on August 22nd 2012 | Business
Searching for a house and searching for a buyer is a very difficult task. Real estate companies help...
 
The benefits of Aluminum Windows
Published by Mary Porter on July 19th 2012 | Business
Another great advantage of aluminium windows is they can be designed to have very slim frames. This ...
 
The health benefits of E Cigarettes
Published by Mary Porter on June 18th 2012 | Business
Since smoking has been banned in public places such as bars, pubs and restaurants smokers find it ha...
 
Springhill group : Scam Artists Don’t Take Holidays Off
Published by Springhill Group on January 6th 2012 | Business
Law enforcement officials are reminding residents to find out whether solicitations for monetary don...
 
Added benefits of Selling iPhone on the net
Published by Darrell Fore on May 28th 2012 | Business
If you take into consideration selling iPhone, you must not undermine or overlook the rewards of car...
 
A brief guide and benefits of combi boilers
Published by Jenniferraine on February 24th 2012 | Business
Modern and wise home owners are now installing combi boilers in their homes because these are effici...