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.
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 or you can look at a whole life program which provides cash value for retirement purposes.
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.
Fiscal Fitness 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!