Are you an employer looking for information on Group Life Insurance in Cincinnati or an employee? Please contact our group life insurance experts. Our office number is 513-662-7000.
What is Group Life Insurance in Cincinnati?
This type of life insurance is provided by a life insurance company but it is a fringe benefit from your employer. Some employers will allow you to purchase more than the base limit and they may deduct the cost of that insurance from your paycheck. If not any group life insurance coverage over the amount of $50,000 would be taxable to you as the employee.
Advantages of Group Life Insurance- Often It is part of your fringe benefits package provided by your employer. Typically the cost is covered by your employer unless the amount of insurance is over a specified amount.
Primary Disadvantage of Group Life Insurance- The disadvantage with group life insurance is that the coverage will last only as long as your employment with the company or as long as the company decides to provide this benefit to their employees.
Because of the economy some companies are cutting back on fringe benefits to their employees. If you quit, get laid off or you are fired you lose this coverage. If you have medical problems and you lose your group insurance you may not be able to convert it or get any life-insurance from another company.
Consider group life insurance as extra coverage, icing on the cake if you will. If you need life insurance to provide for your family it is a major mistake to rely upon your employer for your life insurance needs.
If You Need Life Insurance in Cincinnati, Contact the Experts.
We offer expert advice on life insurance. Do you need life insurance for your family, or do you need specialized expertise on complex business life insurance policies? With more than 22 years of serving thousands of clients we are the life insurance experts of Cincinnati.
Call 513-662-7000 or e-mail Jack@pathwayinsurance.net
Tags: Group Life Insurance in Cincinnati, Life insurance in Cincinnati