What is Group Life Insurance?
Life insurance is one of the primary ways people continue to financially provide for others after passing away. For many Vermont residents whose families rely on their incomes, life insurance is an essential protection. Businesses can help their employees obtain coverage by offering a group life insurance option within their benefits package.
Group life insurance is a type of life insurance that provides coverage to a defined collection of people. Whereas personal life policies typically provide coverage for a single person, group life policies usually afford coverage for multiple people.
What Businesses in Vermont Should Offer a Group Life Policy?
Many businesses in Vermont may want to offer their employees a group life policy, for this is a coverage that lots of different people want. Providing coverage is often a simple way to improve a business’ benefits package, which can help attract and retain high-quality talent.
In addition to businesses, other organizations sometimes also offer members group life policies. For example, governments and nonprofits may extend an option to their employees. Additionally, some unions and trade organizations have a policy that’s available to their members.