Life Insurance in Texas
Make Your Benefits Plan Better with Life Insurance
When you're looking at items to put into your employee benefits package, group life insurance needs to be at the top of the list. It's a popular benefit due to the fact that employees aren't required to undergo physicals or list personal habits and health issues. We at Planners Insurance Group, an insurance agency in Fort Worth, TX, can help you put together a group life insurance policy so you can attract and retain quality talent. We also can help with personal life insurance policies that will leave a financial plan for your family.
How Group Life Insurance Works for Texas Employers
Group life insurance consists of a single policy that similarly covers a group of people. The policy owner is usually the employer, and the policy covers the employees. The cost of group life insurance per person is generally less than what the employee would pay if they took out an individual policy. There are no requirements for a physical or health check, either. Adding group life insurance into an employee benefits package gives the employee coverage that they might not be able to access on their own.
Most group life insurance policies are known as term life insurance. A term life insurance policy is finished after a set term unless the employer decides to drop coverage. When an employee is fired or quits working for the employer, the employee is no longer covered by the policy. Employees are covered as long as the employer pays and renews the premium. The employer has the option to cover the cost of the policy or require that employees pay part of or all of the premium every month. Term insurance can also be used in a personal policy. You will decide a set length of time for the policy to be active. This can be anywhere from 5 to 30 years. Another route to take is whole life insurance. This will cover you for the remainder of your life unless you quit paying premiums.
Call Us Today at Planners Insurance Group for More Information
Our insurance agency in Fort Worth, TX can help your Texas-based company find a group life insurance policy that offers quality benefits. We're here to go over your options and help you pick a policy that fits your existing benefits package. For more information on a group plan or a personal life insurance policy, please contact our office to speak with an agent.