Term Life, Dependent Life and AD&D Insurance for Groups

Group Life Insurance

These plans are usually required in conjunction with group health plans and can be provided in a variety of ways. Benefits can be the same amount for all employees or can be based upon salary or class of employee. Generally premiums for amounts under $50,000 are tax deductible when benefits do not discriminate beyond those allowed by ERISA. Coverage must not exceed 2 1/2 times the amount provided for the class below. (In other words you can't deduct premiums for a group plan that gives $10,000 of coverage for the rank & file employees and $50,000 for the bosses, with no class in between) This information is offered as a guide and nothing should be deducted from taxes without the advice of a CPA or the IRS.

Group Term Life and AD&D:

Groups can add Term Life and AD&D insurance.
Groups may select Term Life and AD&D with or without medical coverage (stand-alone).
Select this and other optional benefits and you still receive only one monthly bill for all lines of coverage.
There are guarantee issue benefit amounts for groups of two or more enrolled employees.
Participation requirements vary based on group size and types of coverage elected

Group Dependent Life:

Dependent Term Life insurance can provide valuable protection for a covered spouse or dependent child(ren).
Dependent Term Life coverage can be added for dependent family members covered by a group plan.

Term Life Insurance provides protection for a specified period of time. Initially the cost is low for this type of coverage, but premiums will increase as you age.These policies, however, may be easily convertible to permanent coverage.
Permanent Life Insurance consists of a variety of coverages from fully-guaranteed premiums, values and death benefits to complete flexibility of premiums, interest rates, and death benefits options.

Note: Coverage statements are general descriptions only. The full and exact contract is contained only in the policy. Product availability only in the state of Texas. Please email an agent if you have any questions.