What is payroll deduction life insurance?
Payroll deduction life insurance is a voluntary program brought to employees by a professional insurance agent in the workplace. Employees may purchase life insurance coverage and pay premiums through the convenience of payroll deduction.
In the event of a claim, you may use insurance proceeds to help with:
• unpaid medical bills
• income replacement for survivors
• final expenses, such as burial costs
How can payroll deduction life insurance benefi t you?
Lifetime protection
Your policy is secure. The carrier will not cancel your policy as long as you pay the required premiums on time.
Financial security
Your policy provides financial security for those who depend upon you financially.
Convenience
Your premiums are paid through the convenience of payroll deduction. This means no bills to remember and no checks to write.
Cost
You determine the coverage that fits your budget. Purchase insurance for as little as $2 per week.
No medical examination
Medical examinations are not required, although issuance of the policy may depend upon answers to health-related questions in the application. If you apply for more than $200,000, your agent arranges for you to do a blood profile and urine analysis and check your height, weight, blood pressure and pulse.
Family protection
Coverage is available for your spouse, children, stepchildren, legally adopted children and grandchildren, ages 15 days through 18 years. You may also apply for a policy for your children ages 19 through 25 who are full-time students, unmarried and not in military service.
Portable policy
You own your policy. If you leave your employer or retire, you may continue coverage by paying the premiums directly to the carrier at the same price with no change in coverage.
