Group Life/AD&D and Disability Insurance
Life/AD&D Insurance Protects Employees’ Families
While health insurance is a common employee benefit, it’s not unusual to get life insurance at work too.
Life insurance policies are important for protecting a family in case the primary earner were to pass away while leaving financial burdens such as debts that need to be paid. Employees often forgo investing in individual life insurance plans, especially at a younger age. A group life policy is an easy way to provide employees with affordable and convenient life insurance with similar characteristics to individual life insurance plans.
Group life/AD&D policies can are often paid for completely by the employer to cover all eligible employees. Employers can also choose to offer life/AD&D insurance for employees to elect and pay for on their accord. Generally employers will offer employer paid life/AD&D insurance as a base benefit and provide voluntary life/AD&D for employees to purchase additional amounts they feel they need. Voluntary life/AD&D insurance can usually be offered to spouses and children so employees can cover their families.
The U.S. Bureau of Labor Statistics reports that three-quarters of full-time civilian workers are offered life insurance by their employers. The overwhelming majority of them take advantage of the benefit.