Life Insurance Information USA » Group Insurance

Group Life Insurance

admin — Sun, 06 Jan 2008 01:42:00 +0000

John, my neighbor asked me today to explain what is “Group Life Insurance?”

Group Life insurance is policy that insures a group of people. Its a type of insurance in which a group of people are covered- if you are part of the group.

Group Life Insurance is often provided by employers as an employee benefit because it is an economical way for employers to provide a quality benefit that employees value. Employees can usually be insured without medical examination as a group of people under a master policy.

The amount of coverage can vary from $10,000 to $100,000. Coverage ceases at the age of 70. Upon the termination of employment, the insured employee may continue coverage through an individual term policy without evidence of insurability for as long as the insured person continues to pay premiums.

Full-time employees may purchase additional life insurance for themselves, their spouse and eligible dependent children and have premiums deducted from their paycheck.

All About Insurance Premiums

admin — Thu, 27 Dec 2007 12:07:34 +0000

Insurance Premiums are the dollar amount you pay into a life insurance policy. You can pay premiums on a monthly basis or less often if you choose. All policies contain a 31-day grace period for late payments, therefore if you are late paying your premiums, you policy still stays in effect for 31-days, until you pay your premium.

A basic type of permanent life insurance is when the premiums are paid, to cover the policyholder over the course of their entire life.

With reference to your Group Life Insurance, your employer will deduct your premiums with your permission from you pay check.

Insurance Companies will base your life insurance premiums on several factors:

Age
Health problems
Occupation
Hobbies
Habits

If An Insurance Company Turns You Down?

admin — Wed, 26 Dec 2007 20:46:05 +0000

If a Insurance Company turns you down for a policy, try another company.

Each Insurance Company uses different methods and factors to decide whether or not to insure you.

Here is a good example. If you have high blood pressure that you control with medication, one company might reject you while another company may accept you. Just don’t give up searching.

If you have a medical problem it’s a good idea to talk it over with your doctor. Treatment may improve your condition enough to meet company standards or the company may qualify you as a special risk at an adjusted premium.

You should also want to check on group life insurance. Some group plans do not require a medical exam or health histories from your doctor.

Insurance Companies are part of the free enterprise system and within certain limit they can select those individuals they want to insure.

However they are not free to turn down coverage without a valid reason.

Insurers cannot refuse insurance to anyone based on:

sex
martial status
race
creed
color
national origin

It is also against the law to deny coverage to domestic violence victims, people with a sensory, mental or physical problem.