Although it’s called “group” insurance, each employee is enrolled in their own policy just as they would be if they had purchased insurance independently. The word “group” simply references the fact that an insurance provider is covering a group of people associated with a single organizatio...
However, the policyholder is guaranteed coverage regardless of their health condition, as long as they continue to pay the premiums. One important feature of a graded whole life insurance policy is the graded benefit period. During this period, which usually lasts two to three years, the ...
Withterm life insurance, the policy will pay a death benefit if you pass away during the policy term. Withwhole life insurance, your policy will generally pay out whenever you ultimately pass away, though premiums are typically higher than for term life. Whole life also generally in...
In simple terms, the conversion period is a specific timeframe during which policyholders have the option to convert their current life insurance policy into a different type of policy offered by the same insurance company. This is a valuable feature as it allows individuals to adjust their cover...
Universal life insurance offers lifelong coverage and flexible premiums. Find out how this permanent policy works now.
Group insurance is a health care coverage plan in which individual employees or members are included under one master policy owned by their employers. Because the plan has so many contributors, the policy often provides coverage for more services at a much lower cost per participant. This type...
Key man life insurance is used by businesses to provide critical cash in the unfortunate event it loses one of its most valuable employees, executives, or owners to sudden and untimely death.
Life insurance is an insurance policy that ensures your family — and their finances — are protected if anything catastrophic happens to you. Term life insurance is the most common form of life insurance, which can be taken out for a period of time lasting from one to 50 years. If you ...
(Note that a year is defined by the start of your policy with the insurance company, and not necessarily by the calendar year.) The highest possible out-of-pocket limit for 2020 is $8,150. Catastrophic health insurance plans have a deductible that is the same as your out-of-pocket ...
Voluntary term life insurance is a policy that offers protection for a limited period, such as 10, 20, or 30 years. Building cash value and variable investing are not characteristics of voluntary term insurance. As a result, premiums are less expensive than their whole life equivalents. Premiums...