What Is Employee Life Insurance Benefit?

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   Tim Wilhoit

   Owner, Your Friend 4 Life, Brentwood TN

   Employers purchase group life insurance as an employee benefit for usually no cost to the employee. The face amount is usually under $50,000 and varies by employee level, i.e. labor versus management. The employee can then add to the face amount by paying additional premiums usually deducted from their pay. This is a nice benefit, however I caution not to rely on it solely. This life insurance is lost at the lose of the job whether voluntary or involuntary. Always purchase your own life insurance to protect your insurability and use employee group coverage as supplemental.

   Answered on June 3, 2014

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