The Best Coverage for Group Life Insurance in Havertown
Group life insurance can be an important source of financial security for employees and their families. As an employer, you may consider purchasing group life insurance and including a life insurance policy as part of your company’s benefits package. If you’re looking for a group term life insurance policy in Pennsylvania, then you’re in the right place. At Peterson Insurance, we can help you find the right type of coverage for your company and employees.
How Does a Group Life Insurance Policy Work for Employers and Employees?
Employers often offer group life insurance as a benefit to their employees. A group life insurance policy is a contract between an insurance company and an employer that provides death benefits to the beneficiaries of the employees. It is structured as a yearly renewable term insurance policy, and the employer usually pays for most or some of the premiums.
Employees are often automatically enrolled in the policy with the option to decline coverage or elect additional coverage. Coverage remains in place for employees until their employment is terminated or the coverage term ends. The death benefit is typically a multiple of the employee’s salary and is paid tax-free to the designated beneficiary. Group term life insurance can be an affordable way for employers to provide death benefits to their employees. It can also give employees peace of mind knowing that their loved ones will be taken care of financially in the event of their death.
What to Know Before Purchasing Group Term Life Insurance in Pennsylvania
If you are an employer in Pennsylvania, there are a few things you need to know before purchasing a group life insurance policy for your employees.
1. You are Not Required by Law to Offer Group Life Insurance
It is important to understand that this type of insurance is not required by law. However, it can be a valuable benefit to offer employees, especially if your company does not offer health insurance.
2. You Have Options When Purchasing Group Life Insurance
You can purchase a group life insurance policy through a private insurance company or the state’s workers’ compensation program. Going through a private insurance company enables you to customize your policy to meet your needs and goals. There are also several tax incentives available to employers who provide group life insurance coverage.
3. You Can Find Affordable Group Life Insurance in Pennsylvania
The cost of group term life insurance depends on a number of factors, including the size of the group, the ages and health of the employees, and the coverage level. The higher the coverage level, typically the more expensive the insurance will be.
Call Peterson Insurance for Your FREE Group Life Insurance Quote Online Today!
At Peterson Insurance, we can help you find an affordable group life insurance policy in Pennsylvania that meets the needs of your company and employees. Click or call to get your free group life insurance quote online or to speak directly with one of our local insurance agents to get started today!
What to Expect from Peterson Insurance
Insurance can be confusing and with all of the online companies these days, a lot of customers feel that they aren’t getting the answers and coverage explanations they deserve. We make sure that we take the time to work with each of our customers on a personal level and help you get the coverage you need at a price you can afford. For us, it’s simply a matter of doing things the right way.
As independent agents, we check options from many carriers, finding you the best price available to meet your needs.
We're a family business, and firmly believe that you should be treated with the same level of care and courtesy.
We do more than just getting you covered: we ensure you understand your options to make the best choice.