What is Voluntary Permanent Life Insurance?
It is a non-qualified, Employee-paid whole life insurance program that allows Employees to purchase individually-owned policies on themselves and their eligible dependents for a whole lifetime of insurance protection. This whole life insurance product is priced to be competitive when compared to similar products that an Employee might purchase privately. In addition, employees make premium payments through the convenience of payroll deduction. Some of the program features are: • Affordable permanent life insurance for Employees • Premiums are paid through payroll deduction • No Employer contributions-employees pay all premiums • Simplified underwriting • Permanent coverage on spouse and eligible dependent children • Portable coverage- Individual policies can be continued at job change or retirement at the same level premium • Income tax-deferred cash values • Easy implementation Benefits for Employers This type of program complements existing benefits and can be either stand alone or c
Related Questions
- Why is it better to have an irrevocable life insurance trust purchase alife insurance policy on the donor, rather than have the heirs themselves own a permanent life insurance policy with the premium paid by the heirs with gifts by the now- living donor?
- What factors will affect term or permanent life insurance rates?
- What is Voluntary Permanent Life Insurance?
