Life Insurance

Term life insurance covers your employee for a set period of time. It tends to be the more affordable option in a group plan.

Universal life does not have a term limit and lasts for that employee’s lifetime. These policies cost more but provide each insured employee with permanent insurance coverage that also accumulates a cash value year after year.

Your Highstreet agent can help you understand all the options and help you choose the right group plan.

Most group term life policies offer either a set amount of payment per employee, or may be based on the employee's salary, paying one or more years of income to the family. The type of benefit you choose may reflect the makeup of your workforce, including their ages, their salaries, and whether they have dependents. Your Highstreet agent will go over these details with you, and help you select a policy that works for them—and you.

Depending on the policy you choose, employees could lose their benefits if they resign, are laid off, or are reduced to part-time status. Some policies will allow employees to convert their part of the group policy to an individual one. If portability of insurance is an important aspect for you and your employees, your Highstreet agent can help you find the right plan.