Group Life Insurance
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Group life insurance is a type of life insurance in which a single contract covers an entire group of people. Typically, the policy owner is an employer or an entity such as a labor organization, and the policy covers the employees or members of the group. This is a popular form of life insurance especially for employees because they can take advantage of group discount pricing. Group life insurance is often provided as part of a complete employee benefit package. Navali & Company Insurance Services works with all the major life insurance providers such as Aetna, Guardian, Principal, Metlife, and many more to ensure your company has the appropriate coverage. In addition to these carriers, some health insurance carrier such Anthem Blue Cross, Blue Shield of CA, and Aetna offer group life insurance as ancillary coverage to the health insurance plan. Often times they provide discounts when additional lines of coverage are incorporated to the health insurance plan.
The most common type of group life insurance is Term insurance. Group term life is typically provided in the form of yearly renewable term insurance. When group term insurance is provided through your employer, the employer will pay for most if not all of the premiums. The amount of your coverage is typically equal to one or two times your annual salary.
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