Many small companies cannot afford to set up a group term life insurance benefit program for their employees. If you work for a small company that has a minimum of five employees and your employer does not currently have a basic group term life insurance plan or a voluntary supplemental term life program, you can sign up for Flexible Plan of Group Term Life Insurance policy.
How It Works
Flexible plan of group term life insurance is a plan that is set up by and paid for by employees. It was created to provide low-cost group term life insurance to employees where NO employer paid group program is in place. It is also for groups that are NOT covered by a Beneficial Life Basic Group Term Life Insurance plan. Flexible plans are voluntary programs that do not require the employer to contribute financially.
Options that Affect the Group Policy Premiums
Flexible plan term life insurance rates are determined by how the group chooses their coverage: fully underwritten or guaranteed-issue. The group as a whole must choose one or the other. If the group chooses to be covered by the fully underwritten option, then a one page health form/questionnaire must be...