by cameil | Feb 15, 2017 | Group Term Life Insurance
When you start a new job, Life Insurance through your job is fairly easy to sign up for. You can get it as long as your employer offers it, but you have a particular window to sign up. You can’t wait two months to sign up for Life Insurance through your job; there is usually a 30-day window. The reason for this is Life Insurance through your job does not require medical exams or health screening, so they only give you that window. This is to ensure that people do not wait until they are diagnosed with some illness to sign up. Insurance companies have to prevent this by giving a window to sign up, and once that window is closed, you do not have another option to do the coverage unless you do a medical exam. So basically the only way to opt into Life Insurance through your job is when you begin a job.
by cameil | Feb 14, 2017 | Group Term Life Insurance
Life Insurance through your job can be very beneficial for you if you don’t have the best of health. Reasons for this is because in many cases if you have for example terminal cancer, suffered a heart attack, had cancer last year, COPD and diabetes with insulin if you go to get any coverage, it is going to be very expensive for you. You will only be able to get limited amounts based on what that insurance company gives you coverage for. So, if you start a job that has Group Term, you have a window to sign up for that term, and during that window, you don’t have to answer any medical questions, and you will be able to get that coverage right away. Life Insurance through your job benefits persons who have bad health. I had a client who was recently diagnosed with cancer, she got a new job, and she was able to get coverage without any problems. She, however, was not able to get much coverage through me, because of her recent diagnosis and most insurance companies would want her to be a couple of years removed from cancer to get a degree of coverage. In this situation, it benefited the client to go with her Insurance through her job because it allows for her to get more coverage than she would have gotten with an individual policy. She is aware though that this Insurance through her job will not last her entire life; however, it is considered to be golden for her family because she got more coverage than she would have received with any other insurance policy option.
by cameil | Feb 13, 2017 | Beneficiaries, Group Term Life Insurance, Life Insurance, Term Life
Life insurance through your job as long as your beneficiaries are set up properly will pay out immediately. Once your family sends the insurance company the death certificate they will send the money; there is no waiting period. There are some policies where you have to be alive for one year, two years or three years and in some case, four years before the policy will pay out in its totality. With a Life Insurance coverage through your job there is no waiting period in most cases, there maybe one or two out there but I am not aware of any. Life Insurance policy through your job is designed to pay out the full death benefit once the person that the policy is designated for passes away. Hence you don’t have to worry about that waiting period as it pays out right away in the full amount.
by cameil | Feb 12, 2017 | Group Term Life Insurance, Life Insurance, Term Life
Life Insurance through your job does not have any cash value. The reason it does not have any cash value is that it is a term policy designed to be as cheap as possible to give you the most amount of coverage during that period. No term policy has cash value only whole life, and universal life policies have cash values. Once you stop paying the premium on your Life Insurance through your job that will be it. There are no cash values to back it up. This is what keeps the cost low because there is no cash value, no bells or whistles it is just a straight policy you have while working that is only beneficial to your family if you die within the period of employment.