Family Life Insurance Company

Employers provide group Universal life insurance to their employees. Such a policy is a fantastic addition to the list of benefits given by the company. It can be entirely employee or employer paid. Employees who are with their employers benefit on taking group Universal life insurance as companies or organizations get good discounts on insurances because many people in the group are being covered under the insurance. If universal life insurance policies are purchased by individuals, they would not get any discount. The policy will remain the same and will continue once an employee quits his job and the individual coverage will become expensive.

Premiums are paid biweekly or monthly as deductions and payroll. This system continues till the employee does not wish to participate any longer or the company decides not to offer the benefit anymore. Employees will be able to take part in a group Universal life insurance without having to be subjected to medical examinations. This is possible when enrollment is done at particular time periods as indicated by the owner of the company. Employees will be happy to know that the money invested in a group Universal life insurance policy is tax-deferred as time goes by. If the company offers a 401(k) policy, too, one will have two opportunities to save significantly for retirement and also have a tool for seeing to it that money will be available after retirement as a lump sum payment or as equal payments given over the life of the holder of the policy.

The employee will have to ensure that he remains in the company for a very long time so that he can benefit from this great savings tool. Human resource development professionals could use the group Universal life insurance as bait in order to lure talented and qualified employees to the company as and when they need people. Employers even offer group universal life insurance to the dependents of the employees, too, which makes the offer even more enticing. It is unlikely that the employee will be in a hurry to quit the job. These policies will also come with ancillary programs when an employee purchases them, like legal help will be given when an employee wants to prepare a personal will.

Planning of the estate might also be given. These added benefits will help individuals to save a big sum of money. Those who avail of the services of lawyers regarding the same problems but are not covered under the group universal life insurance policy will be shelling out huge amounts of money. If such a policy is being offered to employees they should not think twice before taking advantage of the offer. Many people start considering retirement, estates and bills when they reach middle age because young people feel that they have a lot of time left to retire or they probably do not have adequate assets as to be important to them.

Employers can take advantage of group universal life-insurance programs so that they can own the policies and also make use of these accumulated over time tax-free funds in case of liabilities in the future. As you can see, both the employer as well as the employee benefits under group Universal life insurance programs.