Group Life Insurance in NJ
Life insurance is one of the most valuable employee benefits available.
How Does Group Life Insurance Work?
With group life insurance, the relationship is between the insurer and all of the members of the policy rather than being between the insurer and one individual. The nature of group life insurance means that it is a lot easier to get coverage when compared with individual life insurance plans, as the health of each individual member is not taken into account. For the employer, group life insurance enables you to boost employee satisfaction, attract the best talent, and hold onto your best workers too. It is one of the most popular and valued employee benefits.
The health of each individual member is not taken into account with Group Life, making it much easier to get life insurance than with a personal policy.
Comparing life insurance plans
There are a number of factors you will need to take into account when comparing different group life insurance policies.
When comparing available group life insurance plans compare:
- Premiums
- Available Add-ons and Riders
- Stability of Rates
- Exclusions
- Insurer’s Reputation and Process
- Available Carriers
It may feel a bit overwhelming if you have never bought life insurance before, which is why it is always good to use a broker. Here at Harrah & Associates you’ll get an objective viewpoint, with many policies to choose from.
What Should You Know Before Choosing a Group Life Policy?
When selecting life insurance, it is important that you do not only consider the premiums and nothing else. Policies differ greatly from one to another, and so it is vital that you understand what you and your employees are getting for your money. One policy may seem much cheaper than another, but there could be add-ons or it may be an insurance plan that gets more expensive every month, making it the costly option in the long run.
Not only do you need to look at the premiums, but also it is also important to consider the exclusions. Some of the common exclusions for life insurance include the likes of death as the result of any pre-existing conditions or death caused by drug or alcohol abuse.
It is also important to compare the insurers carefully. You need an insurance company with a good reputation in the industry. Take the time to read reviews that have been left by current and previous policyholders. If you come across a lot of negative comments and the general feeling is that the insurer tries to avoid paying out, look elsewhere. Here at Harrah & Associates, we have taken the time to carefully assess all of the different group life insurance plans we provide, ensuring they are delivered via a reputable lender, giving you full peace of mind.
Contact Harrah & Associates Today
If you are ready to purchase group life insurance for your business, or you have any questions about doing so, give us a call. We look forward to hearing from you.