Voluntary Life at Life

Voluntary Life. The employee pays the monthly premium to the insurance company offering the policy. Employees can purchase coverage in increments of $10,000 or as a multiple of their salary.

When it comes to voluntary life insurance vs. The employee pays a monthly premium in exchange for the insurer's guarantee of payment upon the insured's death. Voluntary life insurance is an optional benefit offered by employers and some membership organizations.

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The premiums, which are based on age and the amount of insurance purchased, may be less expensive than individual life insurance premiums because of an employee group discount. Voluntary life insurance is also known as “eligible employee” life insurance because there are eligibility requirements for an employee to participate, such as requiring an employee to work over 30 hours per week. Voluntary spousal term life insurance. You may only apply for voluntary life insurance through your company’s specific open enrollment period, so check with your employer shortly before or after getting.