Life Insurance Beneficiaries

Life insurance beneficiaries

Individual Life Insurance

Individual life insurance

Variable Life Insurance

Variable life insurance

How Does Group Term Life Insurance Work?

Group term life insurance is one of the most common benefits that employers offer employees. In this article, I will go over everything you need to know.

What is Group Term Life Insurance?

Group term life insurance is a life insurance contract between an employer and an insurance company that covers the employees for a specific amount of life insurance.

Three Types of Group Term Life Insurance

There are three types of group term life insurance:

• Basic group term life insurance
• Supplemental group term life insurance
• Dependent group term life insurance
• Group accidental death & dismemberment insurance

Let's talk about each of these types of group life insurance.

Basic Group Term Life Insurance

Basic group term life insurance is an amount of life insurance that your employer pays for. It's often called basic group term life insurance but can be called employer paid life insurance. 

Usually, basic group term life insurance is just on the employee in an amount of $50,000 or less. However, I've seen employers provide as much as $100,000 of basic group term life insurance.

Employers may also provide basic group term life insurance on spouses and children.

Supplemental Group Term Life Insurance

Supplemental group term life insurance is an additional amount of life insurance you as the employee can enroll in. But instead of the your employer paying the premiums, you as the employee pay them.

Supplemental group term life insurance is often called voluntary group term life insurance. The difference between the two is really behind the scenes. The difference is based on how the contract is set up with the employer. 

It's called supplemental life when the insurance company also provides the underlying basic group life insurance. It's called voluntary life when the insurance company only offers the additional life insurance but does not offer the basic life insurance.

Employees can often get between $10,000 and $500,000 of supplemental life. 

Dependent Group Term Life Insurance

Dependent group term life insurance is additional amount of life insurance an employee can purchase on their spouses or children.

Group Accidental Death & Dismemberment (AD&D)

Group accidental death & dismemberment 

Flat amounts

% of income

Multiple of salary

Salary limits

Imputed income

Guaranteed issue

Initial enrollment

Annual enrollment

Qualifying life events

New hire enrollment

Attained vs issue age rates

Portability 

Convertibility

Conversion

Age reduction schedule

Participation requirements

overall

employee must purchase

Certificate of insurance

No policy

Naming beneficiaries

Evidence of insurability

Takeovers

Benefit confirmation statement

Beneficiaries

Riders

Exclusions

Underwriting

Payroll deduction

Actively at work

Premium waiver

Advantages

Disadvantages

Termination

Sources:

IRS

ADEA

Limra

Hospital Indemnity Insurance

Hospital indemnity insurance

How Health Insurance Works

Health insurance is the most complicated insurance you need to purchase. In this article, I'm going to walk you through what you need to know about how health insurance works and what to look for when either purchasing health insurance individually or enrolling in a medical insurance plan at work.

Health insurance has two parts

Health insurance is made of up of two parts:

• Medical benefits Medical benefits are benefits for things like doctor visits and hospital stays.
• Pharmacy benefits Pharmacy benefits are for medications.

Universal Life Insurance

Universal life insurance

Whole Life Insurance

Whole life insurance

Term Life Insurance

Term life insurance

Employee Assistance Program

Employee assistance program

Vision Insurance

Vision insurance

Dental Insurance

Dental insurance

Accident Insurance

Accident insurance

Evidence of Insurability

Evidence of insurability

Qualifying Life Event

Qualifying life event

Critical Illness Insurance

Critical illness insurance

Long Term Disability

Long term disability

Short Term Disability

Short term disability

Accidental Death and Dismemberment

Accidental death insurance

Dependent Life Insurance

Dependent life insurance

Supplemental Life Insurance

Supplemental life insurance

Basic Life Insurance

Basic life insurance is one of the most common benefits and employer provides. It's an amount of life insurance that the employer pays for.

What is Basic Group Life Insurance?

Basic life insurance is an amount of life insurance that your employer provides you.

Flat amount

Percentage of salary

Flexible Spending Account

Flexible spending account

Health Savings Account

Health savings account

How Does Health Reimbursement Arrangement Work?

Health reimbursement account

Health Spending Accounts

 

Health spending accounts

Employee Benefit Administration

 

Non Statutory Benefits

Non statutory benefits are benefits that employers can offer if they want to.

11 Statutory Benefits (Every Business Must Offer)

Statutory benefits are the first type of employee benefits that employers must address when running a business. In this article, I am going to talk about what statutory benefits are and give you a list of the most common statutory benefits.

What are Statutory Benefits?

Statutory benefits are the mandatory benefits that all employer must provide their employees. That's because these benefits are required by federal or state law.

Minimum wage
Overtime pay
Employment taxes
Social Security taxes
Medicare taxes
Unemployment insurance

Workers’ compensation insurance
Short term disability (in some states)
Family Medical Leave Act (FMLA)
Affordable Care Act (ACA)
Continuation of coverage benefits (COBRA)