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Life Insurance Plans

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					Title:
Life Insurance Plans

Word Count:
449

Summary:
Group insurance plans for life policy is intended for one contract that
offers coverage for a group. Life insurance policies usually are taking
out by an entity or employer.


Keywords:
life insurance


Article Body:
Group insurance plans for life policy is intended for one contract that
offers coverage for a group. Life insurance policies usually are taking
out by an entity or employer. Some of the plans offer employees a variety
of options over coverage. It depends on what type of policy an employer
will take out. For example, if an employer took out the Cobra plan then
it would cover his employees, their families and so on. Some plans may
offer medical, dental and unemployment. Again, it depends on what the
employer takes out.

Usually, group life insurance is a packaged benefit option that gives
employees complete coverage. Usually at what time a person works at a
company that offers group life insurance, after a cycle of employment has
occurred the employer may offer group life insurance to the worker. Some
of the plans offered may be group life, yet it depends on the policy
offered as to what the benefits will cover.

Group life often includes a master contract. Employees usually take hold
of a certificate if the employer offers group life insurance. This is
what the employee will show as proof of coverage. This certificate
however is not the actual policy, rather proof that you have coverage.
Like other types of insurance plans however, the certificate holder will
give you the option to choose a beneficiary.

This recipient or beneficiary is the receiver that handles the
certificate in the event you pass on.

Some other plans include term life insurance. Term life is more common
than the group plans. Group term usually given annually, i.e. the plan is
renewed yearly. This plan often entails that the employer pays the
majority or all of the fees. Most times this insurance plan is equally
factored into one x or two x the yearly salaries.

You have coverage with this plan unless the employee is terminated from
the job, or decides to stop working at the company. If the term ends, you
lose coverage also.
Some of the policies allow you to choose options. That is you can convert
your insurance after quitting a company into a single policy. This means
you take over fees, such as premiums. The problem with converting these
plans is that you will pay a much steeper fee on premiums than you would
if you took out-group life insurance.

If you start work at a company make sure that you understand the group
life and life insurance offered to you. The 401K plans is typically
offered at many companies. You must agree to allow the employer to deduct
a small amount from your weekly paycheck to pay for your coverage. Most
times, it is worth the cost.

				
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