53 per cent of Canadians who have life insurance through their employer — and who do not have additional life insurance coverage — are between the ages of 30 to 50; which means they risk leaving their families financially burdened in the event of an untimely death TORONTO, May 4, 2021 /CNW/ - According to a new study from PolicyMe , a digital life insurance platform, the majority (62%) of Canadians with life insurance have it through their employer, and over half of those rely solely on employer-provided insurance despite many needing more to cover loved ones in the event of an untimely death. Of particular concern, the study found that 53 per cent of those without additional coverage are...
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What is Corporate-Owned Life Insurance (“COLI”)? Corporate-owned life insurance (“COLI”) refers to life insurance that is purchased by a corporation for its own use. The corporation can be either the full or partial beneficiary on the insurance policy. Typically, an employee or group of employees, corporate owner, or debtor are listed as the insured(s). COLI differs from group life insurance policies that are offered to employees of a corporation because COLI benefits the corporation itself, whereas general life insurance policies are designed to protect the corporation’s employees and their families. COLI can be structured in many different ways to accomplish...
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Like many Americans, it's likely you have a life insurance policy through your work — and it's also likely you haven't thought much about it. Company-paid life insurance is a popular and valuable employee benefit. Often, you can receive discounted or free coverage through these programs. So getting basic life insurance through an employer is a win-win benefit, right? Not quite. Relying solely on employer life insurance can have some potential downsides that are important to consider because it could leave your beneficiaries and loved ones unprotected. It might be time to examine your coverage and think about your personal needs. Here's what you need to know about employer-paid life...
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More Like This: Life insurance helps provide security for loved ones when a main source of income is lost. Voluntary life insurance is a type of employer-provided life insurance that employees can opt into if they choose. In most cases, employees will pay scheduled premiums to keep the policy active. Sometimes, it can come directly from the employee’s paycheck. This feature may be attractive because they won’t have to worry about staying on top of another bill. Read on to learn how voluntary life insurance can benefit employers and employees. We also offer individual whole and term life insurance policies, if getting voluntary life insurance through your employer isn’t an option. Types of...
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What's the difference between basic and supplemental employee life insurance? A basic life insurance policy offered through an employer is typically free or has a minimal premium and offers a death benefit that might range from $25,000 to one or two times your annual salary, while you're employed by that company. In addition to a basic policy, supplemental life insurance coverage might be offered by an employer for an additional premium. You might decide to pay for this additional coverage if your employer's basic life insurance coverage wouldn't be enough for your beneficiaries in the long run. If your employer doesn't offer supplemental life insurance, you can look into buying a policy...
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Can I Convert a Group Life Insurance Policy to an Individual Policy? If you have a group life insurance policy, you’re in good company. According to the American Council of Life Insurers, “In 2017, group insurance represented 46 percent of all life insurance policies in force” Group life insurance can be appealing to small business owners for a few reasons. For starters, group coverage can be less expensive than individual policies since most of them are term life policies. Aside from the expenses, there are a few different reasons a small business owner would look into group life insurance. Group life insurance is a benefit offered by groups to their members, often by employers to their...
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The best life insurance companies offer policies that can provide your family with a crucial income source after you pass away. However, before you move forward with the purchase of a life insurance policy, you should first check for any group life insurance coverage you might be able to qualify for, either through your employer or another organization. Why? Because group life insurance comes with serious benefits for those who can qualify, and it may be cheap or even free depending on how you receive it. Let’s take a look at exactly what group life insurance entails and if it might make sense for you. What is group life insurance? Group life insurance is a term used to describe any life...
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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict, this post may contain references to products from our partners. Here’s an explanation for. You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our...
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Group policies vs. individual policies A new report from life insurance research group LIMRA finds that only some 87 million households have any kind of life insurance coverage at all. That works out to be about 70% of Americans. But of that 70%, almost half have group policies through their employer. The average coverage is $236,000, which is about 2.6-times income replacement. Is that enough to get the job done? Well, first let’s define what the job of life insurance is. Life insurance is intended to serve as income replacement for your heirs in the event of your untimely death. Nothing more and nothing less. That means annuities that combine a life insurance policy with an...
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