All employees, except certain appointed officials, are required to join the Maine Public Employees Retirement System (MainePERS). As a member of the Maine Public Employees Retirement System, you contribute, along with the State of Maine, to both retirement and life insurance benefits. Your state group life insurance benefits are outlined below. The State Group Life Insurance Program allows eligible state employees who have just been hired to acquire group life insurance for themselves and their qualifying dependents without having to show evidence of insurability. This program, administered by the Maine Public Employees Retirement System (MainePERS), provides up to three types of life...
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Swiss Life needed a comprehensive solution that would cover all life and pension insurance processes end-toend, including new business processes, contract and claim management, as well as management of their clients and insureds. The key advantage of our solution is definitely a self-service online portal for all group life insurance participants who can manage their coverage and investments without the need of contacting the insurer’s customer center. Project Manager, Comarch We were in need of an innovative solution that would make us closer to our clients. We wanted to enhance our relationship with them and make our services more client-oriented. The Comarch system offered the open...
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What is Group Life Assurance Old Mutual Swaziland Group Assurance is a group life cover, funeral cover, lump sum disability and a long-term disability solution offering to corporate companies and their employees. Group Life Assurance (GLA) provides life cover on a defined benefit basis for members of a group. Should you require further information please view the Group Assurance Product Guide. Paid out as a defined lump sum benefit. Benefits can be expressed as a multiple of salary, formula-driven or as a flat cover (monetary) amount. Cross-subsidies occur between younger and older members. The Funeral Support Service is a free of charge service, which is available to all members and their...
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Buying Group Life Insurance for Employees: What You Need to Know Whether you’re an employer for a large company or a small business, you may discover attracting and retaining top talent means offering a variety of benefits, such as group life insurance. The first question when it comes to purchasing coverage for your employees starts with the basics – what is group life insurance? What is Group Life Insurance? Group life insurance is a single contract that covers an entire group of people. Typically, it’s offered by an employer or another large-scale entity, such as a labor organization, to its workers or members. It’s often provided as part of a complete employee benefit package. This...
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Voluntary group life insurance is offered to employees as an optional benefit, and often employers will pay the small premium as an employee retention tool and provide workers some peace of mind for their families. There are various avenues for funding these group plans and different underwriting criteria that can either reduce or increase the premium amounts. The employer may cover the premium directly, or employees may share in the premium burden through payroll deductions after tax. In most cases, life insurance face amounts will vary from policy to policy and will usually be based in part on each employee’s base salary. Taxation Employers often provide group term life insurance to...
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Group Life Insurance Group Life Insurance is essentially life insurance for your employees which means that if they die in service, a tax free lump sum is paid out to their family. Group life policies are usually written in Trust so that it is ultimately the Trustees decision to whom any benefits are paid. By placing the policy in Trust, the cash sum can be paid out promptly to the employee's beneficiaries. The life insurance premiums are paid by the employer so they are not subject to income tax. Any lump sum paid out to the beneficiaries is not subject to Inheritance Tax. How much will premiums cost? Several factors will need to be taken into consideration when compiling a comprehensive...
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Group Life Insurance Coverage is provided as a feature of respective retirement systems. Reduced death benefits are continued after retirement in cases where an employee was a member of the Pension Plan for a minimum of ten years prior to retirement. Employees not eligible to enroll in the State Retirement programs cannot carry life insurance through the State. No medical examination is required unless the member attained the age of 60 prior to enrollment. For additional information, please access the link below. Alternate Benefit Program (ABP) ABP provides insurance for members at 3-1/2 times the participant’s annual salary over the last 12 months of creditable service, the premium...
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3917.01 Group life insurance definitions. As used in sections 3917.01 to 3917.06 of the Revised Code, the following forms of life insurance are group life insurance: (A) A life insurance policy issued to an employer, or to the trustees of a fund established by an employer, which employer or trustees shall be deemed the policyholder, to insure employees of the employer for the benefit of persons other than the employer, subject to all of the following requirements: (1) All of the employees of the employer, or all of any class or classes of employees, are eligible for life insurance. The policy may provide that "employees" includes the employees of one or more subsidiary corporations and...
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Are You Covered? Key Advantages and Disadvantages of Group Life Insurance Question. My partner and I have been thinking about life insurance recently. We have a young child, and are considering a house soon for our growing family. A friend of ours told us it’s really important that we get some life insurance to protect ourselves. But I already have a group benefits plan with my employer, and it includes life and disability insurance. Am I already covered through my work plan? Do I need more? Answer. Great question. Properly insuring yourself and your family is a very important decision that has potentially life-altering consequences. If you’re fortunate enough to have an employer-sponsored...
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The benefits of providing group life insurance Trying to come up with a benefits package which is relevant and motivates employees can be a difficult task, especially as there may be budget limitations to navigate around. Group life insurance cover could offer several benefits to both employers and employees. Benefits for Employers It's a low-cost way of providing a high value benefit for your employees It shows employees you care about them and their families, having a potentially positive impact on staff morale and loyalty to the company It makes you more attractive to potential employees during the recruitment process It can help you retain good quality staff as part of a h2 benefits...
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