Permanent Life Insurance
Many employers have found at least part of the answer in a robust voluntary benefits offering, with voluntary permanent life insurance as the centerpiece. Financial experts long have held that a strong foundation of permanent life insurance is the cornerstone of any family’s financial plan. Yet, according to LIMRA International, 30% of U.S. households have no life insurance at all, and only 44% own individual life insurance.1 That would indicate that more than half of U.S. households depend solely on group term, if they have any life insurance at all. Group term, both the kind you pay for and that which is optional, is a wonderful employee benefit. Its shortcoming becomes evident when an employee retires or changes jobs, because it is rarely portable, and even when it is, it is typically much more expensive. Sadly, a very small percentage of group term life insurance is in force when employees die, leaving a large uninsured population.
You can help your employees achieve financial peace of mind by offering voluntary permanent life insurance through the convenience of payroll deduction. It’s a win-win situation. You win, because you enhance your benefits package at no direct cost to you. The employees win because they have the opportunity to apply for permanent life insurance with, in most cases, Guaranteed Issue and/or Express Issue underwriting with minimal underwriting questions. They may also apply for coverage on their spouses/domestic partners, children, even their grandchildren, all through the convenience of payroll deduction.2
1 Facts About Life, LIMRA International (2013)
2 Coverage and spouse/domestic partner eligibility may vary by State. Coverage not available for children and grandchildren in the state of Washington. Texas Life complies with all State laws regarding marriages, domestic and civil union partnerships, and legally recognized familial relationships.
For further questions, call our offices at 210-949-0002 to speak with a representative.