Employee Benefits

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Life Insurance

Life insurance with SBIGroup term life insurance is a yearly renewable life insurance policy which provides low-cost protection to the employees during their working years with your company.

How much group life insurance should we get?

Determining the amount of group term life insurance your company should hold depends on the workers’ earnings and positions throughout their career with the company assuming they’d be there until retirement. The amount of term insurance on an employee’s life is typically one to five times the annual salary or earnings. The insurance policy remains intact as long as the employee is part of the group insured.

What about terminated or exiting employees under group life insurance?

An employee that quits or is laid off might have the choice to convert the policy to an individual cash-value policy usually within 31 days without evidence of insurability. However, since relatively few employees convert their insurance after a lay off, it is not normally allowed to convert.

Group term insurance has the advantage of providing low-cost protection to employees that can be used to supplement individual life insurance policies.

How can SBI brokers assist you in your search for quality group life insurance products?

Schroepfer Bauer Insurance brokers are certified to speak with you today. Call us at 1-(800)-659-5733 or request a consultation at one of our offices in Washington, MO or Union, MO. Depending on the size of your organization, our brokers can travel to you if desired.

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