LIFE INSURANCE OPTIONS
Whether you employ two people or 200, Erie Family Life1
has a plan designed to provide your full-time workers with financial security. You can provide group term life, an affordable option paid by you, as a benefit to your employees. Or, you can offer your employees insurance through a voluntary payroll deduction program where they pay the life insurance premiums.
GROUP TERM LIFE
Typically paid in full by the employer, group term life insurance can cover employees with a policy that renews each year and provides a guaranteed death benefit.
Here are some basics about group term life coverage. Talk to your local ERIE Agent for more detailed information and guidance.
- Coverage amounts of $10,000 to $500,000 per employee, depending on the number of employees.
- Supplemental coverage that the employee pays for is also available.
- If an employee quits or retires, conversion enables them to change all or part of the policy to an individual Erie Family Life policy.
- Optional accidental death and dismemberment offers additional life benefits in the event of an accident.
- Optional dependent coverage allows an employee to insure his/her spouse and children.
EMPLOYEE-PAID LIFE INSURANCE
Erie Family Life offers a payroll deduction life insurance program you can provide to your employees. It can be offered in conjunction with group term life insurance or as a stand-alone program.
The program is simple. Your Erie Insurance agent will meet with your employees in an informal group setting and explain the coverage available to them. There is no cost to you other than processing the scheduled premium deductions from employee paychecks.
Here are some basics about this voluntary life insurance coverage. Talk to your ERIE agent for more detailed information and guidance.
- Term life and whole life insurance policies are available.
- Coverage amounts from $5,000 to $150,000, depending on the policy and age of the insured.
- Dependent coverage allows an employee to insure his/her spouse and children using payroll deduction.
- Employees own the policy so they can continue the coverage should they leave your employment.
PROVIDE THE LIFE INSURANCE YOUR EMPLOYEES NEED
For more information on these options, to request a life insurance quote or schedule an appointment, contact your local ERIE agent today. Our agents are licensed professionals who will help you select the best coverage to help protect your business.
1This web page is not intended as estate planning or tax advice. Please consult a qualified professional advisor.