Employee Voluntary Life Insurance: What You Need To Know

Voluntary life insurance is an optional benefit offered by many employers that provides life insurance protection. It is also known as supplemental life insurance and is offered by employers in addition to their basic group life insurance benefit. Employees can opt in to voluntary life insurance, with premiums deducted from their paychecks. The coverage amount is often based on a multiple of the employee's salary, subject to a maximum amount.

Voluntary life insurance is optional coverage offered by an employer

Voluntary life insurance is an optional benefit offered by many employers. It is also known as supplemental life insurance. It provides a death benefit to the beneficiary named on the policy if the insured passes away while the policy is active.

If you opt in to voluntary life insurance, premiums are deducted from your paycheck. The voluntary insurance coverage amount is often based on a multiple of the employee's salary, subject to a maximum amount. For example, an employer may allow an employee to choose coverage of three years' salary, up to $300,000. Some policies are only effective while you're employed with the company.

There are two types of voluntary life insurance policies: voluntary whole life and voluntary term life. The latter is also known as group term life insurance. Face amounts may be in multiples of an employee’s salary or stated values, such as $20,000, $50,000, or $100,000.

Voluntary whole life protects the entire life of the insured. If whole life coverage is elected for a spouse or dependent, the policy protects that person’s entire life as well. Typically, amounts for spouses and dependents are less than amounts available for employees.

It provides a death benefit to the beneficiary named on the policy

Voluntary life insurance is an optional benefit offered by many employers that provides life insurance protection. It is also known as supplemental life insurance. Like standard life insurance, voluntary life insurance provides a death benefit to the beneficiary named on the policy if the insured passes away while the policy is active. The biggest difference is that enrolment and payment for this coverage are done through the employer. If you opt in to voluntary life insurance, premiums are deducted from your paycheck. The voluntary insurance coverage amount is often based on a multiple of the employee's salary, subject to a maximum amount. For example, an employer may allow an employee to choose coverage of three years' salary, up to $300,000. Some policies are only effective while you're employed with the company.

There are two types of voluntary life insurance policies: voluntary whole life and voluntary term life. The latter is also known as group term life insurance. Face amounts may be in multiples of an employee’s salary or stated values, such as $20,000, $50,000, or $100,000. Voluntary whole life protects the entire life of the insured. If whole life coverage is elected for a spouse or dependent, the policy protects that person’s entire life as well. Typically, amounts for spouses and dependents are less than amounts available for employees.

There are two types of voluntary life insurance: whole life and term life

Voluntary life insurance is an optional benefit offered by many employers that provides life insurance protection. It is also known as supplemental life insurance. Purchasing voluntary life insurance increases your overall life insurance coverage and provides a higher payout for your beneficiaries.

Like standard life insurance, voluntary life insurance provides a death benefit to the beneficiary named on the policy if the insured passes away while the policy is active. The biggest difference is that enrolment and payment for this coverage are done through the employer. If you opt in to voluntary life insurance, premiums are deducted from your paycheck. The voluntary insurance coverage amount is often based on a multiple of the employee's salary, subject to a maximum amount. For example, an employer may allow an employee to choose coverage of three years' salary, up to $300,000. Some policies are only effective while you're employed with the company.

The coverage amount is often based on a multiple of the employee's salary

Voluntary life insurance is an optional benefit offered by many employers that provides life insurance protection. It is also known as supplemental life insurance. Purchasing voluntary life insurance increases your overall life insurance coverage and provides a higher payout for your beneficiaries.

Like standard life insurance, voluntary life insurance provides a death benefit to the beneficiary named on the policy if the insured passes away while the policy is active. The biggest difference is that enrolment and payment for this coverage are done through the employer. If you opt into voluntary life insurance, premiums are deducted from your paycheck.

The premiums are deducted from the employee's paycheck

Voluntary life insurance is an optional benefit offered by many employers that provides life insurance protection. It is also known as supplemental life insurance. If you opt in to voluntary life insurance, the premiums are deducted from your paycheck.

Voluntary life insurance works in much the same way as standard life insurance, providing a death benefit to the beneficiary named on the policy if the insured passes away while the policy is active. The main difference is that enrolment and payment for this coverage are done through the employer.

The amount of coverage is often based on a multiple of the employee's salary, subject to a maximum amount. For example, an employer may allow an employee to choose coverage of three years' salary, up to $300,000. Some policies are only effective while you're employed with the company.

There are two types of voluntary life insurance policies: voluntary whole life and voluntary term life. The latter is also known as group term life insurance. Face amounts may be in multiples of an employee’s salary or stated values, such as $20,000, $50,000, or $100,000.

Frequently asked questions