Group Life Insurance
Many companies ensure that there are a number of attractive components to the group life insurance they offer their workers. Many offerings may include (but are not necessarily limited to) comprehensive plans, accidental death and dismemberment insurance and business travel accident plans. When you are hired, be sure to ask about group life insurance coverage at your new company.
A comprehensive plan for employees may cover felonious assault, disappearance, comatose states and worker/spouse joint death. Benefits available for a spouse may range from day care expenses to child tuition reimbursement. However, all plans are different, and you need to know what is and what is not covered.
A company chooses which workers are covered, the amount up to which they are covered and the payer for its accidental death and dismemberment insurance. Basic plans offer accident coverage on a non-occupational basis (seven days a week, regardless of personal presence at the workplace at the time of accident). Because the employer generally pays for this insurance, it may be offered to an employee as a paid benefit or offered to the employee, his or her spouse and any eligible children. A dismemberment plan, which is optional, may offer workers supplemental protection on a non-occupational basis.
If employees are traveling during the course of employment, they may have access to a business travel accident plan through their company. That plan typically provides accidental injury or death benefits to workers, provided that they were travelling on approved company business at the time of injury or death. This type of insurance may be supplemented with extra insurance for workers on daily commutes to the workplace.
Employers may also offer the option to expand coverage while workers are on vacation. A special risk cover may be required for those with specialized occupations, including pilots and crew members. Their employers, for example, may extend them a policy that covers hijacking, piracy, acts of terrorism and war.
