Group life insurance is coverage provided by an employer or a union. Like any form of life insurance, group life insurance can protect the financial dependents of an employee in the event that something happens to him or her.
Group life insurance can help a deceased employee’s family:
- Cover daily living expenses
- Maintain their standard of living
- Pay off any debts or loans
- Cover college tuition costs
- Supplement retirement savings
Group life insurance can benefit employers by providing:
- Tax-deductible premiums
- A desirable fringe benefit for new employees
- Increased employee security, loyalty, productivity, and morale
- Valuable life insurance coverage at a low group rate
Shopping For Group Life Insurance
Several top insurance companies offer plans for employers looking to provide group life insurance coverage. Most of these plans provide a number of benefits to the employer, including sales support for eligible employees who are confused about how much coverage they need.
But here’s the thing – buying a group plan directly from an insurance company doesn’t necessarily save you money. With only one option available, there’s no way to tell whether or not you’re getting a competitive rate.
All group plans for employers offer the same coverage with the same benefits. What varies is the price from carrier to carrier. In order to get their best price, employers need to partner with an agency that will shop multiple insurance companies for their best group rate.
The SelectQuote Solution
Since 1985, SelectQuote has comparison shopped leading term life insurance companies to secure competitive rates for their clients. Today, SelectQuote is the number one independent term life insurance sales agency in the country.
With the advent of SelectQuote Benefit Services, the company now offers a group life insurance exchange for employers and employees characterized not only by savings, but choice.
In addition to saving employers money by offering a choice of group plans from several highly-rated insurance providers, SelectQuote will provide each employee with a dedicated agent. All agents are rigorously trained to answer employees’ questions about life insurance before shopping for their best individual prices from the companies that SelectQuote represents. So not only does SelectQuote save employers time, money and confusion, it saves employees time, money and confusion, as well.