When organization or employer wants to insure 5 -10 or more employees then they go for a group life insurance policy. The employer bargains lower premiums with the group policy, and the life insurance company provides cover to everyone who is involved in it. A group life insurance is a huge added plus point for the organization if employer wants more employees to stay. There are so many dissimilar things one can do with this type of flexible plan.

The payment agreements can be made in quite a different ways. You may either opt for a plan where the coverage is entirely paid by your organization, or you may contribute half and take the rest half from the organization. Employees also have the choice to opt out of this group plan if they wish. But to start a group plan like this, at least 5 or 10 people are needed.

A group life insurance company usually comes with fairly low coverage, somewhere between 1-2 times your salaries. Employees can add their own life insurance to this plan if they think it’s not going to be enough. Every employee also has the right to change the beneficiary for their particular plan whenever they want.

Group life insurance comes with many benefits to the employees. Since it is a group plan, the insurance company does not take into effect any personal liabilities. A company instead is estimated as a whole, and the premiums are adjusted from there. No employee can be denied their coverage, so everyone will be very grateful for that. If an employee decides to leave they will be able to renew their coverage with the same company within a month of their leaving.

You can easily set up a group life insurance policy. Look around to find the most suitable plan with good rates, and see which insurance company offers a better plan. After you find a good company, you can get start setting up a group plan by involving the other people in your company who are willing to take part. You may have to collect information about each of the employees who wants to take part in the policy with you. The insurer will simply ask you about your business and its nature of work. This is required to know how much risk is involved in the workplace for the employees. When you recruit new staff, they may too become a member in the plan, by filling up some simple forms.

If a worker quits the company, they continue with the plan even after that, but they will have to get it changed to a private policy. The employee can get the changes done within 30 days of leaving the job and start making self- payments. The premiums may get higher but they will be covered under the same company.

Group life insurance plans are a way of making your company more desirable. It can be considered a fringe benefit for anyone who is hired. Employees will stick around longer, allowing you to invest less time and money into training. Many company group life insurance plans are accompanied by a disability plan, which can also be arranged with your insurance.