Group Life Insurance Potsdam NY

Group life insurance is a life insurance policy that applies to a large number of people. These policies are often found through employers, banks, and any other groups that an individual belongs to. Upon the death of the policyholder, the money goes to a designated individual or group.


1 . Local Companies

Rose & Kiernan Inc
(315) 265-2341
2 Main St
Potsdam, NY
MacFadden-Dier-Leonard Insurance
(315) 265-4230
22 Depot St Ste 20
Potsdam, NY
Nationwide Insurance
(315) 265-2140
20 Elm St Ste 102
Potsdam, NY
St Lawrence Business Svcs
(315) 265-7488
65 Main St Ste 301
Potsdam, NY
Hayman William L
(315) 265-2140
20 Elm St Ste 102
Potsdam, NY
Allstate Auto Insurance
(888) 355-7971
43 Bay St
Potsdam, NY
Northwestern Mutual Financial Network
(315) 268-0323
17 Maple St
Potsdam, NY
State Farm
(315) 268-9000
70 Market St Ste 3
Potsdam, NY
Allstate Insurance Companies
(315) 265-2600
6604 State Highway 56
Potsdam, NY
Kot John
(315) 265-2600
6604 State Highway 56
Potsdam, NY

2 . Servicemembers' Group Life Insurance - Alternative

Servicemembers' group life insurance is an alternative to life insurance available for typical groups. This particular type of life insurance is only available to those members who are members of the United States Armed Forces. This means that no one, including spouses or dependents, can be covered under a policy. Spouses and dependents of someone who is in the Armed Forces can only recoup the benefit in the case of the policyholder's death, and only if they are named as the beneficiary. This policy, which is sometimes called SGLI, begins with $50,000 worth of coverage payable upon the death of the policyholder. This type of group life insurance policy is limited to a maximum amount of $400,000. Once a recruited member leaves, or retires from the Armed Forces, they can change their policy to a different service. The Veterans' Group Life Insurance is available for anyone who served time in the Armed Forces. The same limits as described above still apply. An individual who retires from the Armed Forces can apply for a policy of $50,000 up to $400,000. The cost of the policies is typically $.07 for every $1,000 of coverage the user seeks. For $7 a month, an individual can receive $100,000 of coverage. This applies only to individuals who currently serve in the Armed Forces, have served, or have retired from the military. It does not cover spouses or dependents.

3 . Designating A Beneficiary

Once an individual has applied for group life insurance, and is granted coverage, they may need to file a Designation of Beneficiary document. This document essentially states how the money in the policy will be spread out upon the death of the policyholder. Certain life insurance companies require that an individual decide who their beneficiary, or beneficiaries, are when they first apply for coverage. Other companies allow policyholders to make this decision later on in the process, after they have been approved. There are also a large number of life insurance providers that never require an individual to make this decision. If the policyholder has a legally binding will, and this will has been filed, then the company will waive the beneficiary requirement. Users are advised to ask their own particular insurance provider about their beneficiary requirements.

4 . Breaks In Service

A break in service is known as a period of time in which the policyholder leaves the organization where they previously had coverage. When the holder returns to that particular employer or organization, this is known as a break in service. Depending on the reason why a person leaves, the coverage may be extended for a set period of time. Breaks in service usually apply only to employer-based life insurance, and not insurance provided by another organization such as a school or financial institution. An individual who leaves their job for military service will be granted an extension of their benefits up to twelve months following the day they leave the military. For example, if an employee is put on active duty, up from reserve status, their benefits will still be in place when they return. Those benefits will be held in place for a year following their last day in the military. This gives the individual time to return to work and begin making their payments again. An individual who voluntarily leaves their employer, or is fired, will be given twelve months to collect on their benefits, following their last date of employment.
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Today there are many life insurance policies which we can benefit through and invest in. Some of the life insurance policies are the whole term life insurance policy, the universal life insurance policy, the health policy, the mortgage policy, the business security policy and many more.