Group and voluntary dependent life insurance is a form of life insurance that is used by people who exercise control over the life of another person. They can be your spouse, or a friend or family member who shares that control with you. You can use group and voluntary dependent life insurance to help you with the costs of your spouse’s medical expenses or to help pay for nursing home debts.
Group and voluntary dependent life insurance is a form of life insurance where the beneficiary of the policy is a group of people. The policy is own by the same company, which means it is a way for the family members to split the payments and coverage up into different amounts. Voluntary dependent policies are also sometimes refer to as group dependent life insurance, group insurance, group life insurance, or group death insurance.
What is group life insurance?
The most popular source of life insurance is group life insurance. A group policy is a special type of life insurance. Where instead of one life insurance Company selling policies to a group of people. They sell policies to a group of people who are all dependent on each other. This type of life insurance is commonly know as joint and survivor coverage, where the policy will pay out to the family members of a person who dies.
It is an insurance product that protects individuals or a group of people against the financial risk of their actions. Such as the sudden death of one or more of the insured. It plans are also known as “group-wide life insurance” plans and/or “quasi-life insurance”. Due to their simplicity and wide availability, many are today in use. It can be administer by a combination of several insurance companies. They can offer coverage for medical examinations, hospitalization, and an array of other benefits such as accident and emergency care, assistance from a rehabilitation center,
Many (but not all) companies offer a basic amount of FREE it as part of their benefits package for full-time employees. This insurance is guarantee issue and a valuable benefit to your family or loved ones.
In addition to the basic amount of free coverage, eligible employees can purchase additional coverage for themselves and their dependents through payroll deduction. Election of coverage is make during initial enrollment for benefits and during annual open enrollment.
Reasons to take out life insurance through work
Buying supplemental it through your company has three main advantages: convenience, price and acceptance. Convenience is key for those who know they need it but haven’t purchased it yet. Getting coverage through work may be the easiest way to protect your family. It can also be a good deal, sometimes offering rates that can’t be beat by shopping around.
Finally, people with serious illnesses may be eligible for a much better rate through the group policy than they could on their own. A medical examination is not necessary, although you may have to fill out a detailed questionnaire.
How do I sign up?
For basic coverage provided and paid for by your employer, you do not need to do anything to enroll. The AdvanStaff Benefits Department will automatically enroll you once you are eligible for the plan.
For the additional and voluntary coverage you can enroll in two ways:
- In the initial registration of benefits at the time of contracting
- At Annual Open Enrollment
Enrollment is manage through the benefits enrollment portal that is part of the employee portal.
Dependent life insurance
Dependent life insurance is a form of life insurance issue from an insurance company or any other financial institution to someone in need. Since your life is most likely in constant danger of loss, it’s necessary to have it. But the process of obtaining dependent life insurance can be rather complicate. And obtaining it can cause huge problems and a sense of panic.