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

Important and main benefits condos for sale Mayan Riviera
Published by on May 3rd 2012 | Business
When we talk about having a substitute choice for getting a perfect standard of living then only one...
 
The benefits of Tyvek Wristbands
Published by Mary Porter on July 17th 2012 | Business
The range of colours that you can purchase Tyvek wristbands in includes neon yellow, salmon pink, ne...
 
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...
 
Joomla web designer services now introduced by Visage Marketing group
Published by Kimberly Penney on May 27th 2012 | Business
If you are looking for the joomla website design you can simply contact the visage marketing group. ...
 
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...
 
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...
 
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...
 
Go step by step to enjoy benefits of auto lease
Published by Adam Smithy on July 12th 2012 | Business
Driving the most latest and stylish car is no more a dream! Car leasing services have made this drea...
 
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...
 
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...
 
Know more about social security disability benefits from a social security attorney
Published by Safinajones on January 12th 2012 | Business
Before claiming for social security disability benefits, you need to understand the rules and regula...
 
Get Help from PEOs Avail the benefits of the services offered by PEO companies
Published by James Blee on May 16th 2012 | Business
It is not without reasons that more and more organizations are resorting to seek help of PEOs or Pro...
 
Explore the multi benefits of the Ahmedabad packers and movers
Published by Ankita Gupta on February 6th 2012 | Business
Moving from one city to another has become frequent part of our life. We are constantly moving from ...
 
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...
 
Six Reasons to Choose Cruise Vacations,group cruises
Published by Julia Roger on May 25th 2012 | Business
In our busy life today vacations are very much inevitable. You need vacations at times to rejuvenate...
 
When can you apply for social security disability benefits?
Published by Safinajones on February 29th 2012 | Business
There are some essential steps that you must take in order to successfully apply for the disability ...
 
Studio Stuttgart - the benefits of apartment living
Published by Kalvebod Brygge on April 2nd 2012 | Business
For your next trip to Stuttgart you may want to consider staying in a studio apartment rather than a...
 
Organo gold coffee health benefits with a rich taste
Published by Jamessms on January 25th 2012 | Business
Organo gold coffee is the supreme coffee experience gotten with the presence of Ganoderma Lucidum. T...
 
Strata management solution and benefits
Published by Chris Whelan on February 29th 2012 | Business
Previously people didn’t face such difficulties during dividing their property or acquiring their ...
 
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...