Guaranteed Issue Life Insurance

To apply for Life Insurance visit: www.alifetimeinsurance.com
Video Rating: 5 / 5

www.business.com A look at group life insurance benefits for businesses in attracting and retaining employees. BIO: Loraine Lacey is an insurance producer with Freeman & Pearce Insurance Agency and the President of the Independent Agents and Brokers of Orange County. TRANSCRIPT: Hi, I’m Loraine Lacey, a commercial producer with Freeman & Pearce Insurance Agency and President of the Independent Agents and Brokers in the territory. Today, we’re going to talk about Group Life Insurance. Employers who are looking for quality group benefits really need to look at the Group Life Insurance piece. This is where each employee is given a particular amount of life insurance, usually on a term basis, after they have been on the job for at least 90 days. Some employers stretch it out to 6 months, but generally, it’s on a 90-day period. The term insurance is set-up on different categories. It might be for 00 or 000. Some of my employees’ policies are 000. Then, it might be 000-000 or expire at the age of 65. The policy is owned by and paid by the owner of the business. However, each individual employee on the policy is allowed to pick their own beneficiary. In the case of his untimely death, that beneficiary, then, will be receiving the full amount of his policy. The IRS has a rule that says, “If the policy amount is over 000, then the employee must be responsible for the premium of the additional cost.” In most cases, the employer takes the money out of his paycheck …