Insurance Broker and Employee Benefits in Massachusetts

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Group Life Insurance – EMPLOYER PAID AND VOLUNTARY

Group Life insurance is designed to provide a death benefit payable to an employee's chosen beneficiaries should that employee die.

The amount of coverage can be a fixed figure or a multiple of annual salary. However the most common formula is 1 times salary to a maximum of $50,000. Coverage can be above $50,000, but employees must declare as income those premiums that purchase coverage in excess of $50,000 in accordance with the Uniform Table, provided by the U.S. Government.

Coverage can be above $50,000 but employees must declare as income those premiums that purchase coverage in excess of $50,000 in accordance with the Uniform Table, provided by the US Government.

Group life coverage may be converted from term to permanent within 31 days of an employee’s termination. If the employee is ill or is involved in hazardous activities, vocational or avocational, this guaranteed conversion feature could be very important. Group life coverage also contains a Waiver of Premium feature that would protect the employee from losing their coverage in the event of a long disability.

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