Life Insurance Basics
What is voluntary group term life insurance?
Voluntary group term life insurance is additional term life insurance offered through an employer that employees can purchase at group rates. Employees pay the premium through payroll deduction. Coverage amounts are typically higher than the basic employer-provided coverage. Voluntary group term is not portable.
Key Points
- Voluntary group term: additional coverage offered through employer at group rates
- Employees pay premium through payroll deduction
- Higher coverage amounts than basic employer-provided coverage
- Not portable: you lose it when you leave the job
- An independent agent can compare voluntary group term vs. individual term life insurance