Group Term Life Insurance FAQs
There’s no single answer. In terms of replacing income, rules of thumb range anywhere from 2 to 10 times your annual gross salary, provided you are working and depending upon how many people you support.
The amount of coverage will depend on many variables, including your income, assets, financial commitments, familial obligations, and career path. Our licensed Consultants are available to help you with your insurance needs.
Your spouse is invaluable - so is your family's security. You want to be sure that you have enough life insurance protection to cover your spouse's income and additional contributions to your family, such as housekeeping and child care. GEBA's group term life insurance allows you to apply for coverage for your spouse or domestic partner up to $300,00 or 100% of your coverage, whichever is less.
Yes. This program has coverage for acts of war or terrorism, which may be rare in the insurance industry.
When you apply for Group Term Life Insurance, your application, activities and general health are reviewed by the plan's underwriter* to determine your eligibility for coverage.
No. Group Term Life Insurance does not have a cash value; however, the annual premiums are usually lower than those types of insurance with cash values.
Our Group Term Life insurance Plan terminates when you or your spouse reaches age 80 (or as otherwise defined by your certificate) or upon your cancellation of the plan.
Member and Spouse premiums will increase when the insured ages into a new attained age band, as published in the rate table, at ages 31, 41, 51, 56, and 61. Click here to view the complete rate chart.
No. Your current coverage can only be reduced by you. In accordance with the GEBA Group Term Life policy reduction schedule, or missed payments.
*Group Term Life Insurance plan underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Policy form GMR.