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If something were to happen to you, would your family have to change their lifestyles to be financially stable? Would they struggle to make ends meet? If the answer is Yes, you aren’t alone. Almost all (in fact, more than half of) households in the United States would be in serious trouble if the primary breadwinner were to die. Knowing this, it’s no surprise that group life insurance is one of the most appreciated benefits a company can offer.
So what is group life insurance? By definition, group life insurance refers to a single insurance contract that is applied to cover a group of individuals, typically employees or members of a group. This single contract is owned by either the employer or, if the policy is for a group, by a lead entity.
What are the benefits of group life insurance?
Most of the benefits of group life insurance are similar to individual life insurance. For instance, each individual covered has the freedom to pick their own beneficiary, which is the individual who will receive the policy’s benefits should the policyholder die.
Employees taking advantage of the group life insurance package at their company can rest assured that their policy is in effect until they are terminated or until the specified period of coverage comes to an end. In many cases, employees might find purchasing life insurance through their company to be the more affordable option; this, of course, depends on the nature of their specific group policy, which your Latorre Insurance agent will share and discuss with you.
To learn more about the life insurance options available to your employees, company or group through Latorre Insurance, contact us today.