Employee Life Insurance

[insurancesc]

Can anyone offer any insight into the challenges faced when selling small business employee life insurance? Challenges from an employer admin standpoint? Challenges from what the insurance carriers require? Any reason to get a carrier that specializes in this type vs any simplified issue carrier?
Thanks in advance.

 

[DHK]

Are you talking about key man coverage, Voluntary Payroll Deduction (VPD) for employees, or group life?

I don't know what "employee life insurance" means.

 

[insurancesc]

Well I was thinking of talking to business owners to offer life insurance to their employees anywhere from 100% employer paid to 100% employee paid with the employer writing the check to the insurance carrier. I am very new to this and I know there maybe complications to what seems like a simple thing to me. Is this feasible to do?

 

[DHK]

Yes, it's feasible. There are a number of VPD carriers that will help you do this with a minimum 'life' commitment per employer. The main one I know of, is American National.

Independent Marketing Group of American National

Independent Marketing Group of American National

Just tell the employer that it's set up very similar to setting up health insurance. Just like with health insurance, it can be 100% employer paid, 100% employee paid, or a mix. When the employee leaves, it's up to the employee to continue paying premiums, or they'll lose the policy.

I'd do a search on this forum for VPD, &/or join the topgunproducers forum. That guy may be a jerk, but he says that VPD is all he does.

 

[insurancesc]

DHK thanks very much. That is exactly what I wanted to know. I will check out American National and TheTopGunProducers Forum. Thanks again.