What is Vountary Life Insurance?
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Asked July 19, 2016
Voluntary life insurance is a product offered through many employers in the United States. It is an additional benefit for many employees and is totally voluntary. It is up to you the employee to decide if this insurance is something that would benefit your family. This product enables you to sign up for life insurance in different increments at a reduced price. The more people that contribute to the plan the less the policy will cost you due to volume. The price you pay is normally computed by age and the amount of coverage requested. This information can usually be found in a pricing table provided by your employer.
Most companies offer this product in addition to a mandatory life insurance policy paid by the employer for an average pay out of a year's salary. Voluntary life insurance allows you the employee to further take care of your family in the event of your demise by offering at your own cost a life insurance policy tailored to take care of your family's needs and obligations in case of your death.
The premiums for voluntary life insurance are deducted from your paycheck each payday which makes the process easy, manageable and affordable.
Answered July 20, 2016 by GWGLife