What Is Voluntary Term Life Insurance?
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63333 POINTSview profilePeggy MaceMost of the U.S.Voluntary Term Life Insurance is offered to employees who have some life insurance provided to them by their employers, and their employers are giving them the opportunity to purchase additional life insurance coverage at group rates. Employer provided life insurance is not taxable to $50,000 whereas voluntary life insurance purchased beyond that amount will be a taxable to the employee.Answered on June 15, 2013flag this answer
225 POINTSview profileKyle MonahanIndependent Agent, Monahan Insurance, Orlando, FLThis sounds like something offered by an employer, is this correct? If so, it just means you can opt-in for the coverage and you will pay the premium. It is typically less expensive per dollar amount of coverage purchased. This is because it is often times based on the group of employees and not one individual. There is usually a cap to the guaranteed issue amount, but some will allow you to purchase more with some additional individual underwriting.Answered on July 19, 2014flag this answer
11783 POINTSContact Meview profileLarry GilmorePROAgent Owner, Gilmore Insurance Services, Marysville, Washington StateWhat is voluntary term life insurance? Usually it is a program offered through your employer to provide employees with an opportunity to purchase life insurance through work and payroll deduction. In some cases, voluntary group life offers life coverage at a higher cost, but with fewer health questions and no lab testing. The thing to keep in mind when considering life insurance is the more questions they can ask, the cheaper the cost will be for a healthy person. That doesn't mean Voluntary life is bad, it means you may find coverage cheaper elsewhere.Answered on July 21, 2014+01+1 this answer
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