Voluntary Life Insurance at Life

Voluntary Life Insurance. Voluntary life insurance also covers you or a loved one in case of critical illness or total disability. It is an optional benefit provided by the employer that will help you and your family in times of need.

It enables you to buy your insurance at a reasonable group rate, and you also have the option of adding riders to it. Voluntary term life insurance is a form of coverage that provides the employee’s spouse protection for a set number ranging from 10 years to 40 years. Many employers provide a group term life insurance policy at no cost to the employee, and the standard plan usually offers a.

Your Guide to Understanding the Different Types of Life

Affordable, flexible term life insurance at your pace. Voluntary life insurance is also known as “eligible employee” life insurance because there are eligibility requirements for an employee to participate, such as requiring an employee to work over 30 hours per week. If you have a health condition, voluntary life insurance allows you to get coverage that you may not qualify for or would have to pay much more for on your own. Younger insurance shoppers who enjoy good health may find that it makes more sense to purchase a policy on their own, since a voluntary policy will generally not be portable.