Group Life Insurance

Strengthen Your Employee Benefits Program With Group Life Insurance

Life insurance is a critical part of a comprehensive employee benefits package that helps support employees’ financial wellness. After all, a path toward better financial independence involves more than just building savings. Employees need to protect the things that are valuable to them. And at the top of that list are family and loved ones. If something were to happen, life insurance can help them manage expenses – from the everyday bills to larger obligations like mortgages, car payments and loans. Like other working Americans, your employees count on life insurance through work as their main option:

  • For the first time in history, more Americans are covered by employment-based group life insurance than individual life insurance.
  • 57% of those with life insurance obtain it exclusively from their workplace.

More local employers choose Rankin & Rankin to provide their employees’ life coverage than any other carrier. Why? Because we help employers offer a life insurance program that sets their employees on a path toward better financial wellness, while looking out for the bottom line.

Products and options to meet your needs and your employees’ needs

Through a variety of funding options for our Term Life Insurance, we’re committed to helping you provide the most comprehensive plan possible.
Key features that appeal to employees:

  • Generous guarantee issue amounts help as many employees obtain coverage, regardless of health history.
  • Portability allows employees to keep coverage if they change jobs.
  • Options to easily increase voluntary term life insurance amounts over time without medical exams or by automatic increase
    You can even offer a more complete, continuous solution by offering both our Term and Voluntary Permanent Life Insurance.

What is Voluntary Term Life Insurance?

Term Life offers cost-effective coverage for a specified period. It provides beneficiaries with a cash benefit to help pay for household expenses, day care costs, mortgages and college tuition. It is typically purchased during employees' working years when family financial responsibilities may be the greatest and before rates increase due to the employees' age.

  • Rates are initially lower than Permanent Life but premiums increase over time
  • Designated period of time
  • No cash value
  • Dependent coverage available

What is Voluntary Permanent Life Insurance?

Permanent Life coverage complements Term Life by enabling employees to lock in pricing with a smaller policy to cover final expenses. Employees can also build cash value that can be used for loans or withdrawals during working and retirement years.2

  • Rates are initially higher than Term but they never increase
  • Coverage lasts through retirement
  • Builds tax-deferred cash value that is accessible
  • Portable coverage for employee, spouse and child that locks in future insurability
  • Flexible paid up at age 65 option, so your employees can lock in benefit amount until age 120 —with no more payments
Term Life
  • Rates initially lower than Permanent but premiums increase over time.
  • Coverage for a designated period, primarily during working years.
  • No cash value.
  • Dependant coverage available.
Permanent Life
  • Rates initially higher than Term because premiums never increase.
  • Coverage that lasts through retirement.
  • Builds tax deferred cash value.
  • Individual coverage for employee, spouse and child that locks in insurability.
  • Paid up at 65 option.

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