Overview: About Life Insurance (Voluntary)
Life Insurance can be offered as an employer paid benefit or on a voluntary basis. Voluntary plans allow the employee who have a need for additional Life insurance to purchase life insurance coverage through the convenience of payroll deductions. The plans provide guaranteed issue amounts (no health questions) and are completely portable.
When the employer sponsors a voluntary life insurance program:
- Employees feel comfortable knowing they have options
- Employees get advice by professionals who truly care
- Inexpensive Group Rates
- No Health Questions
Insurance Carriers for Voluntary Life Insurance Programs
Choosing which insurance carrier to use is extremely important when looking at voluntary life programs. The good news is we can help you decide!
PF Compass utilizes insurance carriers that have clean records and offer the technical capabilities to handle situations when they arise.
- Portable Benefits — When employees leave employment they can not take their group term insurance coverage with them. Voluntary plans allow your employees to retain their coverage at the same rates if they leave your company. Billing is then handled directly between the insurance carrier and the employee.
- No Medical Questions — Most programs we offer provide guaranteed issue life insurance up to a specified amount. This means employees and their dependents can qualify for coverage immediately, even if they have significant health problems that would otherwise exclude them from getting coverage. Additional coverage can also be purchased on a simplified underwriting basis.
- Low Cost Group Rates — Purchasing through a group provides discounted rates.
- Convenience of Payroll Deductions.
- Savings — These policies can provide additional money for retirement income, college funding and emergency funds.