Group Life Insurance - Quincy, IL

from Winters Insurance Group

Life insurance offered by an employer or large-scale entity to its workers or members is known as group life insurance. Typically offered as a piece of a larger employer or membership benefit package, group life insurance costs each individual worker much less than if they had to purchase an individual policy. If you’re part of a company looking to get a competitive advantage in talent, including a comprehensive life insurance package as part of your employee benefits can be of major benefit. 

Here at Winters Insurance Group, we offer a variety of different group life insurance plans to employers around the Quincy, IL area. Whether you’re looking for basic life insurance services, comprehensive services, or buy-sell funding, we have the right group plan for your company. 

Basic Life Insurance

Basic life insurance is a type of insurance that’s offered by an employer for its employees free of charge. Typical coverage amounts are $25,000, $50,000, or an employee’s annual salary, rounded to the nearest thousand. Because it is free, there’s no reason for an employee to not accept this coverage. When they apply for this insurance, applicants will be asked to name a beneficiary or beneficiaries. This is the person who will receive the insurance payout in case of the employee’s death. People who elect to have basic life insurance receive a certificate of credible coverage, which they will need to present to the subsequent insurance company in the case that they leave the organization. 

Supplemental Life Insurance

On top of basic life insurance, a group insurance plan often also includes comprehensive benefits. Also known as supplemental life insurance, there comprehensive benefits allow workers to buy extra coverage, the amount of which can be up to three or four times the employee’s annual salary. Unlike basic life insurance, which is typically entirely covered by the employer, supplemental life insurance comes out of the pockets of the employees. If they choose to include this coverage, they often will need to fill out an evidence of insurability questionnaire. 

Buy-Sell Funding Options

Buy-sell funding agreement is designed to protect a business, its owners, and its heirs if one of its owners dies unexpectedly. This is something else that we offer through our group life insurance plans. In order to make a buy-sell agreement work, each owner of the company needs to purchase a life insurance policy for the other shareholder(s) or owner(s) of the company. In this case, the amount of life insurance purchased is equal to each owner’s respective share in the net worth of the business. 

Another related term to buy-sell funding option is “key person.” This is the person who is responsible for the majority of the profits, or has a hard-to-replace skill set that’s integral to the company functioning.

Contact Winters Insurance Group

Winters Insurance Company is a family-owned insurance company that began in 1921 and has grown to represent various major insurance companies offering families and businesses comprehensive and competitive insurance products. If your company is looking at adding a comprehensive group life insurance plan to its benefit package, contact us today and we’ll get the ball rolling. 

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