|June 2, 2020|
Core Life Insurance
The WRLA group insurance program offers group life insurance products that provide a wide range of innovative, flexible solutions to meet the needs of each member group. This low-cost coverage helps employees plan for the financial security of their families and manage the economic consequences of an unexpected loss.
Common features of the life insurance plan include:
Optional Life Insurance
Each employee may have different life insurance needs above the amount offered for Core Life Insurance. Optional Life Insurance allows an employee to purchase additional life insurance through payroll deductions. The cost of this coverage is considerably less than to purchase individual insurance outside of a group plan. Evidence of insurability is required for this coverage and a two-year suicide exclusion applies.
Optional Life Insurance is available with the following features:
Dependent Life Insurance
While Core and Optional Life Insurance plans cover employees, the loss of a spouse or child can also result in added financial burden. Dependent Group Life Insurance is an affordable option that can provide the financial assistance employees need during this difficult time.
1. Two coverage levels are available:
Core Life Insurance Rates
The volume purchasing arrangement available through the WRLA allows for cost effective and very competitive Life Insurance rates. Rates for the Core Life Insurance are based on the specific demographic characteristics of each WRLA member.
In order to price the plan, census information including age, sex, salary, job classification and a copy of any current contract will be required.
Optional Life Insurance Rates
The Optional Life Insurance rates as noted below are based on the age and smoking status of the employee and/or spouse.
Rates (per $1,000)
For example, the cost for a 38 year old non-smoking male to purchase $50,000 of Optional Life Insurance would be $50,000 X $0.047 / $1,000 = $2.35 per month.
If you have any further questions, please contact us; we'll be glad to help you.