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Hanson Benefits Offers Employee Benefits Services And Benefit Administration

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Life Insurance

Life insurance provides a financial benefit in case of terminal illness or death. Think of life insurance as the cornerstone of an employee benefit package. It helps cover the unexpected expenses related to the death of an employee, and is available at the time when financial assistance is needed most. Life insurance is a low-cost, low-maintenance benefit that almost all employees appreciate.

Many group life insurance policies have an accelerated death benefit that may pay up to 50% of the term life benefit to employees who are totally disabled, terminally ill and diagnosed with 12 months or less to live. Additionally, many plans have conversion privileges, which allow an employee to continue coverage, without proof of insurability, if they leave the company.

A popular alternative to employer paid life insurance is to offer group voluntary life insurance in addition to the group benefits that may be offered through the employer. Employees can select the amount of coverage that best suites their needs and pay their premiums through payroll deduction. Voluntary life insurance can also be paid on a pre-tax basis through a Section 125 Plan. However, we recommend that payroll-deducted life insurance premiums NOT be paid on a pre-tax basis, so that in the event of a claim the proceeds will be tax-free.

We welcome the opportunity to assist you in designing and implementing a life insurance plan that will work for you and your employees.

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