Voluntary Life

Extra life insurance you choose and pay for

Voluntary term life lets employees buy extra protection for themselves and their families at group rates, paid through payroll deduction. Employees choose $10,000 to $100,000 of coverage and can add coverage for a spouse or children. It pairs with basic life to round out a group's protection at no cost to the employer.

What this plan includes

• Employee coverage from $10,000 to $100,000 in $10,000 increments, up to 7 times annual salary
• Spouse coverage of $5,000 to $50,000, up to 50% of the employee's amount; child coverage of $5,000 or $10,000
• Guaranteed issue up to $100,000 for employees and $50,000 for spouses (not available at ages 70 and over)
• Accidental death and dismemberment coverage can be added at the group level
• Employee pays the full cost; rates are guaranteed for 2 years
• Benefits reduce at ages 65, 70, 75, and 80

Every plan is underwritten by Companion Life Insurance Company. Which plans you can offer depends on your industry and state. Costs shown are examples; the final rate depends on the plan, the coverage level, and ages.