Life Insurance in Sioux Falls
The policies for group life insurance in Sioux Falls, South Dakota, and other states are often an integral part of the benefits an employee would receive from their employer. Group sponsored benefit packages ensure their employees and their dependents with basic life coverage. Rates for the plan are often based on age.
Benefits of group life plans include guaranteed coverage levels. All employees can obtain a policy for life insurance in Sioux Falls and other cities without being declined due to pre-existing health conditions. The mandate applies to both employer-paid and employee-paid plans. The cost of group premiums is usually far less than what the employees would have to pay if they purchase a single personal plan.
Group premiums can be gender-neutral and non-discriminatory regarding preexisting health conditions. This means that group plans are economical and practical as gateways for all workers to get life insurance in Sioux Falls, SD, and other states. Employees who meet the eligibility requirements of an employer’s benefits package can be enrolled on the plan.
The group term coverage normally continues as long as you’re employed at the same company or until specific terms of the policy terminates the bond. But, you still have the opportunity to convert your group coverage into an individual policy if you choose to leave your employer.
However, most people do not proceed with this method and just decide to shop around for personal coverage that would cost less than the conversion premiums. For more information on the most suitable coverage plans for your employees, reach out to our skilled insurance specialists.