Jane Dotson
Voluntary employee life insurance is a type of group insurance that is offered to employees as part of a company's benefits plan. Employees can purchase additional insurance for themselves, their spouses or their children. The cost of coverage is deducted from employees' paychecks by their employers. This type of insurance is also referred to as supplemental life insurance, optional life insurance or EE life insurance.
| Characteristics | Values |
|---|---|
| Type of insurance | Group life insurance |
| Who provides it | Typically provided through work |
| Who can purchase it | Employees can purchase additional insurance for themselves, their spouses or their children |
| Cost | The cost of coverage is deducted from employees' paychecks by their employers |
| Who it covers | Employees, their spouses and their children |
| When you can sign up | During the annual open enrollment, soon after being hired or soon after a qualifying life event |
| Other names | Supplemental life insurance, optional life insurance, EE life insurance, eligible employee life insurance |
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What You'll Learn
- Voluntary life insurance is a type of group insurance provided through your work
- Employees can purchase additional insurance for their spouse or children
- You can only sign up for coverage through your work during the annual open enrollment, soon after being hired or after a qualifying life event
- Voluntary insurance rates are typically higher than healthy people could qualify for elsewhere
- In the event of an employee's death, their named beneficiaries can receive a death benefit from the insurance company
Voluntary life insurance is a type of group insurance provided through your work
Voluntary life insurance and accidental death and dismemberment (AD&D) policies are offered to employees as part of a company's benefits plan. Policies are guaranteed issue up to a certain limit, so you won't have to take a medical exam to purchase coverage. However, voluntary insurance rates are typically higher than healthy people could qualify for elsewhere, and they increase with age.
Voluntary life insurance policies are sometimes referred to as EE life insurance, or eligible employee life insurance, because they can only be purchased through an employee benefits plan, which may restrict the pool of eligible workers. For example, you may only qualify if you work over 20 hours per week for your employer. You can only sign up for coverage through your work during the annual open enrollment, soon after being hired or soon after a qualifying life event, such as the birth of a child.
In consideration for premiums paid, the employee's named beneficiaries can receive a death benefit from the insurance company if they die while the policy is in force. In addition to offering this insurance to the employee, many companies also allow employees the opportunity to purchase policies for their spouse and children if they'd like.
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![A treatise on the law of benefit societies and life insurance: voluntary associations regular life beneficiary and accident insurance. By Frederick H. Bacon ... v.1. Volume v.1 1904 [Leather Bound]](https://m.media-amazon.com/images/I/416JPiaex-L._AC_UY218_.jpg)
![A Treatise on the Law of Benefit Societies and Life Insurance: Voluntary Associations, Regular Life, Beneficiary and Accident Insurance [ V.2 ] [ 1904 ]](https://m.media-amazon.com/images/I/61CZhGOi-6L._AC_UY218_.jpg)
![A Treatise on the Law of Benefit Societies and Life Insurance : Voluntary Associations, Regular Life, Beneficiary and Accident Insurance 1904 [Leather Bound]](https://m.media-amazon.com/images/I/617DLHXyzlL._AC_UY218_.jpg)
Employees can purchase additional insurance for their spouse or children
Voluntary employee life insurance is a type of group insurance that is typically provided through your work. Employees can purchase additional insurance for themselves, their spouse or their children. This is known as voluntary insurance, and it is deducted from employees' paychecks. It is sometimes referred to as EE life insurance, or eligible employee life insurance, because it can only be purchased through an employee benefits plan. This may restrict the pool of eligible workers. For example, you may only qualify if you work over 20 hours per week for your employer.
Voluntary life insurance and accidental death and dismemberment (AD&D) policies are offered to employees as part of a company's benefits plan. Employees can typically purchase coverage for themselves, their spouse or their children. Policies are guaranteed issue up to a certain limit, so you won't have to take a medical exam to purchase coverage. However, voluntary insurance rates are typically higher than healthy people could qualify for elsewhere, and they increase with age.
Voluntary insurance can be a great option for young people who are unable to qualify for good rates from an insurer, whether it's due to a pre-existing medical condition or another issue. You can only sign up for coverage through your work during the annual open enrollment, soon after being hired or soon after a qualifying life event, such as the birth of a child.
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You can only sign up for coverage through your work during the annual open enrollment, soon after being hired or after a qualifying life event
Voluntary life insurance, also called supplemental life insurance or optional life insurance, is a type of group life insurance that is typically provided through your work. Employees can purchase additional group insurance for themselves, their spouses or their children through their employers in the form of voluntary insurance. The cost of coverage is deducted from employees’ paychecks by their employers.
Voluntary life insurance policies are sometimes referred to as EE life insurance, or eligible employee life insurance, because they can only be purchased through an employee benefits plan, which may restrict the pool of eligible workers. For example, you may only qualify if you work over 20 hours per week for your employer.
Voluntary life insurance and accidental death and dismemberment (AD&D) policies are offered as part of a company's benefits plan, and you can typically purchase coverage for yourself, your spouse, or your children. Policies are guaranteed issue up to a certain limit, so you won't need to take a medical exam to purchase coverage. However, voluntary insurance rates tend to be higher than the rates healthy individuals could qualify for elsewhere, and they increase with age. Therefore, it is generally recommended to obtain an individual policy if possible.
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Voluntary insurance rates are typically higher than healthy people could qualify for elsewhere
Voluntary employee life and accidental death and dismemberment (AD&D) insurance is a type of group life insurance that is typically provided through your work. It is offered to employees as part of a company's benefits plan, and you can usually purchase coverage for yourself, your spouse or your children. The cost of coverage is deducted from employees' paychecks by their employers.
Voluntary life insurance policies are sometimes referred to as EE life insurance, or eligible employee life insurance, because they can only be purchased through an employee benefits plan, which may restrict the pool of eligible workers. For example, you may only qualify if you work over 20 hours per week for your employer. You can only sign up for coverage through your work during the annual open enrollment, soon after being hired or soon after a qualifying life event, such as the birth of a child.
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In the event of an employee's death, their named beneficiaries can receive a death benefit from the insurance company
Voluntary employee life insurance is a type of group insurance that is typically provided through an employee's work. Employees can purchase additional group insurance for themselves, their spouses or their children through their employers in the form of voluntary insurance. The cost of coverage is deducted from employees’ paychecks by their employers. Voluntary life insurance policies are sometimes referred to as EE life insurance, or eligible employee life insurance, because they can only be purchased through an employee benefits plan, which may restrict the pool of eligible workers. For example, you may only qualify if you work over 20 hours per week for your employer.
Voluntary accidental death and dismemberment insurance, or voluntary AD&D insurance, is often offered by employers alongside voluntary life insurance. This type of insurance provides coverage in the event of an accident that results in death or dismemberment. It is important to note that voluntary insurance rates are typically higher than healthy people could qualify for elsewhere, and they increase with age. Therefore, it is recommended to get an individual policy if possible. However, voluntary life insurance can be a great option for young people who are unable to qualify for good rates from an insurer due to pre-existing medical conditions or other issues.
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Frequently asked questions
Voluntary employee life insurance is a type of group insurance that is offered by many employers. Employees can purchase additional insurance for themselves, their spouses or their children.
Employees can sign up for coverage through their work during the annual open enrollment, soon after being hired or after a qualifying life event, such as the birth of a child. The cost of coverage is deducted from employees' paychecks.
It depends on the company. Some companies only allow employees who work over 20 hours per week to qualify.
If you're young and unable to qualify for good rates from an insurer, whether it's due to a pre-existing medical condition or another issue, voluntary life insurance can be a great option. Policies are guaranteed issue up to a certain limit, so you won't have to take a medical exam to purchase coverage.
Voluntary insurance rates are typically higher than healthy people could qualify for elsewhere, and they increase with age.
