Voluntary Group Life Insurance is an excellent way to allow employees to purchase additional life insurance coverage for themselves and their families. Many employees are underinsured when it comes to life insurance, this is a great way to allow them to increase the amount of insurance they have. This is a guarantee issue product, which means that employees will not have to go through a medical exam or answer any medical questions to purchase the life insurance.
Some of the better plans also allow employees to increase their coverage at the plan’s anniversary date without additional medical questions or underwriting. Most of the Voluntary Life policies on the market are also portable, meaning employees can take their coverage with them if they leave the company.
