Life Insurance
Employee Life Insurance Options
Professional Benefit Solutions knows that offering Life Insurance options for employees is an important part of a benefit package as well as a good recruitment and retention tool. With Life Insurance Options, employees could purchase cost-beneficial insurance for themselves as well as being able to purchase limited policies for spouses and dependent children.
There are no policies that can provide living benefits of as much as $1 million for a Critical Illness Diagnosis or $1.5 million for Alzheimer’s or Chronic Illness diagnosis. All of this comes to policy holders tax-free.
Employers have a track record of including options for employees to purchase life insurance via optional benefits available through workplace benefits. Providing these benefits is a way of assisting employees to think through the provisions they have made for their loved ones should they die. Life Insurance provides a sense of stability within the workplace if families are less vulnerable to financial disaster in the event of a death.
Life Insurance in today’s market is also often a way to provide Long Term Care benefits. These benefits become part of the employee’s portfolio, paying for nursing home, skilled care or home health services if those are needed or transition to a Life Insurance benefit for beneficiaries if Long Term Care is not needed.
For businesses, providing options for Group Life Insurance can help with recruiting and retaining staff by providing benefits that may not be available in other settings.
Options for Life Insurance Plans
Professional Benefit Solutions will work individually with your employees to help them plan for the amount of life insurance they may want to purchase. Calculators can give them a jumpstart on that process to allow them to do some preliminary planning on their own. The questions we recommend they consider to identify what a family would need should something happen include things like:
Will your family be able to keep your home?
Will your kids be able to go to college?
Will your surviving partner have to work, and if so, for how long and at earning how much?
The safety net that you plan now will shelter your family long after you are not here.
Term & Dependent Life Insurance
Term Life Insurance is a type of policy that provides coverage for a fixed number of years. This is called the “Relevant Term.” After that time expires, the insurance coverage ends. The insured must find alternative life insurance coverage and pay whatever rates may apply based on their older age at the time of policy purchase.
If the insured dies while the Term Life Insurance policy is in effect, the beneficiary will be paid the entire face value of the policy.
Term Life Insurance is often less expensive per year and makes sense for families that want security for specific obligation such as paying off a home or paying for college or securing the surviving beneficiaries until retirement age.
Frequently, when employers offer Group Life Insurance benefits, there is an optional opportunity for employees to purchase Dependent Life Insurance at a discounted group rate that covers spouses, domestic partners and dependents.
Living Benefits From Life Insurance
Some types of Life Insurance actually provide tax-free living cash benefits to you under certain circumstances. When Life Happens, these policies provide cash for adult day care, assisted living care, in-home care, household expenses, modifications you may need to make to your home and even your regular monthly bills. These payments go directly to you if you are diagnosed with a qualifying terminal illness, chronic illness, critical illness or injury, Alzheimer’s disease or Lewy Body Dementia, among other health events. Living Benefits can provide tax-free income for the rest of your life thought this life insurance plan. Download the Plan Details
Whole Life Insurance
Whole Life Insurance is a type of policy that will stay in force throughout the insured’s lifetime, provided that the premiums are paid to whatever the maturity date might be. The fixed premium amount is locked in at the time of the purchase. It is usually calculated based on the insured age and health at the time of issue and generally will not increase as the person ages.
Most Whole Life Insurance policies accrue a cash value during the life of the policy. Sometimes the policies are written so that the premiums are fully paid at the 10- or 20-year anniversary or perhaps at age 65. Sometimes, the policy requires payments until the insured dies.
Professional Benefit Solutions is in the perfect position to advise you about the kind of policy you’ll need while fitting the premiums into your budget.
Calculating Your Needs
Keeping your family safe involves planning for them should something happen to you. Will your family be able to keep your home? Will your kids be able to go to college? Will your surviving partner have to work? If so, for how long will they need to work and and how much will they have to earn? The safety net you put in place now through Life Insurance will shelter your family long after you are not here.
You can determine the amount of life insurance you will need to protect your loved ones by working through the calculator below. After you decide what you’ll need, give us a call. We can help you make a plan that give you and your dependents peace of mind.
Our Customers
“It is always hard when an employee dies. I try to meet as soon as possible with the family to let them know that we grieve with them and that we were privileged to work with their loved one every day. When I meet I have to go through some hard conversations, like how much PTO they had left that we will pay out and how much of a paycheck they can expect to receive and what will happen with all the other benefits like health insurance. For most of our employees there is a little bright news. Most of our employees have taken advantage of the life insurance benefit that Professional Benefit Solutions set up for us. PBS has told us that they think of life insurance as being a love note from whoever died to the people they cared about the most. And while there isn’t a lot to smile about when these meetings have to happen, I try to let them know that the life insurance policy is a sign that their loved one has been taking care of them – even now.”
– Trina, HR Manager
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