Creative, Competitive Solutions To Your Employee Benefit Needs

Group Life Insurance

Group Life & Disability Insurance in Syracuse, NY

Also Servicing Utica, Rome, Cortland, Auburn, Fulton, Oswego, and Surrounding Areas

New York Small Business Insurance Solutions

It should be no surprise that the quality of the benefits you offer is one of the deciding factors in whether you can attract and retain the best caliber of employees at your business.

But you might be surprised to learn that even your own coverage may become more affordable if you select the appropriate group policy.

Contact Your Fiscal Fitness LLC to learn more about your options.

Group Life Insurance

Group Life Insurance is a single contract that covers the lives of multiple persons. The employer receives a master policy and the employees receive a Certificate of Insurance which summarizes the coverage terms and explains the employee's rights under the contract.

Selecting the right Group Life Insurance for your New York Small Business

There are many group life insurance plans to choose from and no single program is right for every company. Deciding on how you are going to fund the plan, how much you and your employees will be contributing and how much you can contribute for your employees will effect what plan is a best fit for you.

You can provide term life insurance which is fairly inexpensive and provides substantial amounts of insurance.

Generally, a group plan has a lower cost than individual insurance plans because the administrative, operations and selling costs are much less to the insurance company. The employer either pays the premiums, if the plan is non-contributory, or collects the funds through payroll deductions and advances the funds to the insurance company if the plan is a contributory plan.

There are basically two types of insurance plans for group life insurance programs:

Term Life Insurance

The most common form of Term Life Insurance is an ART (Annual Renewable Term) policy. This plan provides the lowest cost life insurance coverage but participants do not need to provide evidence of insurability each renewal period.

Permanent Life Insurance or Whole Life Insurance

Common variations available for Group Permanent Life Insurance Plans

Group Ordinary Plan

If the employees contribute to the plan they are allowed to own the cash portion.

Group Paid-Up Plans

A combination of term life insurance, paid by the employer, and whole-life insurance, paid by the employee.

Group Universal Life Plans

The employee pays most of the premium payments, however, they are given certain latitude in selecting the amount of insurance and the premium amount to be paid.

Group Disability Insurance

Group Disability Insurance offers you and your employees a paycheck after an accident or sickness. The waiting period involving this insurance usually can be as short as one day for accident, and eight days for sickness. The cost of group disability insurance is usually more affordable than buying it on an individual basis.

Group Disability Insurance provides coverage to each qualifying employee by issuing a certificate to a master plan contract. The coverage consists of the payment of a percentage of the plan participant's wages lost due to an illness or accident, subject to a maximum monthly payment.

Your Fiscal Fitness LLC is a New York State Brokerage who provides services for small businesses and individuals located all across New York. We are independent brokers who work for you not for the Insurance companies. We strive to save our clients money!