Worksite Life overview
Worksite Life overview for business owners.
A reflection of the changing economy of the last decade can be found in the evolved attitudes many people have toward insurance. Today, even people who are young, unmarried, or childless seem to have an increased interest in securing financial protection in the event of death. Yet, while the interest is often there, the time and energy to follow through may not be. There always seems to be something else that comes first: Namely, bills, day-to-day activities and expenses.
There is a convenient way to obtain insurance coverage that has gained enormous popularity. More and more business owners have been making insurance products available to their employees through Voluntary Payroll Deduction (VPD) programs. With a VPD program, an agent from a reputable insurer comes to the employer’s place-of-business to offer employees the opportunity to purchase individual life policies. This can be invaluable to employees who have not yet purchased the financial protection they (or their families) need. Click here for more information on Voluntary Payroll Deduction.
Employee’s Whole Life.
Employee’s Whole Life is a portable life insurance policy. Your employees pay premiums for this coverage through voluntary payroll deduction which means premium payments are deducted directly from their paycheck (after they sign a Payroll Deduction Authorization form). There are no checks to write or payments to mail.
This program is not intended to be subject to the Employee Retirement Income Security Act of 1974 (ERISA). The employer does not contribute to or endorse the program. Employee participation is completely voluntary.
Employee Whole Life is issued by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010. In Oregon, the Whole Life policy form number is ICC12213-52.