Group Life Insurance From Burton & Company
At Burton & Company, we offer two main options for providing group life insurance coverage to your employees: basic and supplemental. You might choose to provide both options or just one to your employees depending on your needs.
Basic Life Insurance
A basic life insurance policy typically comes at no extra cost to your employees. It enables them to gain coverage without paying monthly premiums.
Supplemental Life Insurance
Supplemental life insurance is an additional type of coverage that your employees can purchase through you as their employer. Also known as voluntary life insurance, it allows employees to opt to pay monthly premiums that are automatically deducted from their paychecks to gain additional life insurance coverage.
How Our Group Life Insurance Works
Burton & Company offers several life insurance policies for organizations based on their needs. Here’s what you need to know about group life insurance from Burton & Company.
Group life insurance is typically offered in the form of term life insurance that is renewed by your company each year. Employees who are added to your plan will have life insurance coverage as long as they are employed by you.
At least two employees are needed to form a group for most group life insurance policies. Groups with fewer than 10 employees will need to offer life insurance to all of their full-time employees to be considered a valid group for tax purposes.
Our group life insurance policies are provided on a guaranteed issue basis. This means employees won’t need to supply medical information or undergo a medical exam in order to qualify.
You can choose to provide coverage on a flat rate per employee or as a multiple of the employee’s salary – for example, paying out double an employee’s salary if they die.
Other Types Of Insurance To Consider
We offer several forms of coverage outside the standard policies. Here are some of the other types of coverages we offer in the form of group life insurance:
Dependent Life Insurance
A dependent life insurance policy provides additional coverage to your employees’ spouses, domestic partners and eligible children, enhancing the value of your benefit program.
Key Person Insurance
Protect your business’s owners, top executives, and other individuals who are considered critical to running the company with a key person insurance policy. This insurance is needed if a person’s death would have a potentially devastating effect on your company’s future.
Your company pays the premiums of the policy and is the beneficiary if the person passes away. This gives your business a financial cushion while you implement other strategies to address the loss of a key person.
Reach Out To Burton & Company
Enhance the financial and emotional well-being of your workforce while adding value to your employee benefits plan with group life insurance from Burton & Company. Get in touch today to learn more about policies that suit your business’s needs and budget. To get started, give us a call at (888) 652-1325 or request a quote online and speak with one of our insurance professionals.