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

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 ...
 
The benefits of Mortgage Outsourcing to an organization
Published by Amitaabh Saboo on December 1st 2011 | Business
Depending on the nature and size of the business, looking into mortgage applications can be a task t...
 
Using Cyberguys.com coupons you can add extra joy and get more benefits in your online shopping
Published by Gayathri Devi on February 29th 2012 | Business
Due to recession, people are struggling to make their savings. One of the best ways in saving money ...
 
How to take good advantage of group deals
Published by Grant on March 9th 2012 | Business
Group buying is also popularly known as the collective buying and it is a unique opportunity to purc...
 
Know about the nitty-gritty of the Social Security Disability benefits
Published by Safinajones on December 15th 2011 | Business
Read this article to know about the whereabouts of the Social Security Disability program. This arti...
 
Know about the disability benefits which the government has in store
Published by Safinajones on January 6th 2012 | Business
The disability benefits which you get from the programs are not only valid for you but also for your...
 
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...
 
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...
 
Can I be fired or laid off while receiving work comp benefits?
Published by Glenn Farrier on July 18th 2012 | Business
Nevada is a “Fire at Will” State. So, does that mean an employer can fire me based on the fact t...
 
The benefits of an excellent investing platform for easy foreign trade investing
Published by Angelo Harper on December 8th 2011 | Business
Whenever you happen to be yearning to show out to become an excellent foreign trade trader, then you...
 
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...
 
The Benefits of Obtaining a CompTIA Exam Course by the comptia group
Published by Water123 on January 13th 2012 | Business
compTIA network certification is an exam given out by the comptia group. It is a one hundred point e...
 
Automotive POS provides Great benefits to Auto dealers
Published by Diego Hall on January 9th 2012 | Business
The installation of the Automotive POS system will provide considerable help in managing the whole l...
 
Know about the benefits of Debt Relief Services
Published by James Blee on May 15th 2012 | Business
Whenever you think about adopting any option in your life, it is always advisable to give head to it...
 
Services and benefits offered by a good trucking company
Published by Edmund Brunetti on April 9th 2012 | Business
If you are looking for freight service, flatbed hauling or any such loading service, then you should...
 
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 online news
Published by Nidhigupta on June 11th 2012 | Business
The best way of watching news is online news. Online news has gained priority these days. The best t...
 
What is olive oil? What are olive and oil benefits for our health?
Published by Oliveoil on February 17th 2012 | Business
Here we should point out that especially the Greek olive oil contains much higher amounts of antioxi...
 
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...
 
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...