The Basics of Life Insurance Benefits

If you’re in the workforce or looking for a job, you’re probably more interested in what your company can do for you than what you can do for the company. In other words, what are the benefits like?

The most commonly sought-after employee benefits are usually related to life insurance. This makes sense as employer-sponsored life insurance is the perhaps most effortless way for individuals to get insured. Employers typically offer two kinds of life insurance: term and permanent life insurance.

• Term life insurance has a specified coverage period or a term. And after that term ends? Term life insurance policies can be renewed for another time or converted into a permanent policy.

• Permanent or whole life insurance provides a lifetime of insurance coverage plus cash value savings.

Whether your employer offers a term policy, permanent coverage, or both, make sure you understand the cost-sharing mechanisms involved. For example, some companies cover the total cost of your insurance. In contrast, others may require you to pay the entire premium or split the cost in a set ratio.

Your company may also offer group-term insurance. Additional voluntary coverage options may also be available (but you’ll have to pay the total cost).

When you get a job with benefits, make sure to ask the right questions.

1. If the company offers insurance benefits, ask whether the insurance is voluntary, health, or life.

2. For life insurance benefits, your company might offer either term life insurance, whole life insurance, or a combination of both.

3. Whatever you decide, read the fine print and make no assumptions about who is covered under your employer-sponsored life insurance plan.

4. Who is responsible for paying the premiums (the company, employees, or both)?

Life insurance is a big deal - but it doesn’t have to be complicated. iLifeInsurance makes it easy for you to find life insurance policies at the lowest prices available in the market. Just fill out this simple questionnaire, and your tailor-made policy will be just a click away.

For more information, call (877) 358-0412 or visit iLfeInsurance.net today.