Insurance Providers

Many people treat life insurance as an afterthought. Those that do apply for life insurance are often faced with mountains of paperwork and the prospects of failing the physical exam and paying exorbitant premiums. That's why employer-sponsored life insurance can be an especially attractive benefit for prospective

Even small businesses can provide this benefit to their employees by purchasing a group life policy. Unlike individual policies, employer-sponsored plans often don't require that applicants pass a physical exam. And group life insurance is relatively easy to convert to an individual policy when an employee leaves a company.

Companies typically provide an employee with life insurance coverage equal to their yearly salary. For example, an employee who makes $30,000 per year would receive $30,000 of coverage. Some employers offer insurance of two times the salary with increased contributions from employees. Most insurers require the employer to pay the premiums, or they require that a certain percentage of employees participate in the plan. In some cases, businesses can require employees to pay a portion of the insurance premium, or may offer additional coverage - accidental death and dismemberment insurance, travel protection, coverage for dependents and family - at a minimal cost to the employee.

Most insurers won't provide coverage for groups of fewer than 10 members.