The Basics of Voluntary Life Insurance

malden solutions voluntary life insurance

Voluntary life insurance can provide for your family after you’re gone.

There are many different ways to protect your family when you are no longer here to do so. One way you can plan for whatever the future holds is with voluntary life insurance. This benefit is an excellent way to receive critical coverage in a variety of situations that might prevent you from getting traditional life insurance. Here are the basics of voluntary life insurance that every employee should know. 

What Is Voluntary Life Insurance?

Like other types of life insurance policies, voluntary life insurance helps provide financial security for your loved ones when you are no longer here. This kind of insurance is also available in whole-life or term life policies, just like traditional life insurance. These policies are typically purchased through employers, and the premiums can often be taken out of your paycheck for your convenience. 

What Are the Benefits of Voluntary Life Insurance?

Your voluntary insurance policy will provide you with a guaranteed death benefit in the event that you pass away. This cash benefit will be paid out anytime in a whole life policy. If you choose a term life insurance policy, it will only pay out if you pass away within the stated period. This benefit can be used to pay for virtually anything, including funeral costs, or replace the income lost due to your passing. 

Who Should Get Voluntary Life Insurance? 

If you cannot qualify for another life insurance policy, getting one through your employer is an excellent idea. Voluntary life insurance is very valuable for patients with pre-existing conditions that might struggle to get a policy otherwise. Additionally, adding a voluntary life insurance policy can be a good idea if you want additional coverage on top of another policy that you already have. 

How Much Life Insurance Do You Need?

The right amount of life insurance for you will depend on what you want to leave behind. If you have numerous dependents, you will likely want to obtain a policy that can help to cover things like college savings or mortgage payments. If you cannot get the coverage you want outright, there are often riders or supplemental life insurance options you can explore. 

Find the Right Life Insurance Solutions for Your Needs

Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.

This entry was posted on Friday, August 18th, 2023 at 10:29 am. Both comments and pings are currently closed.