The basic group plan is a group term life insurance coverage
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I-The basic group plan is a group term life insurance coverage in which all eligible employees are put into the plan as soon as they are hired, except for those who opt out of the plan. The basic group plan covers an employees annual basic pay rounded up to the nearest $1000 with an additional $2000. There are three options (option A adds $10,000 to the basic plan, Option B offers adds up to 5 times the employees basic pay, option C offers coverage for an employees spouse and eligible children). An employee can add on after they are enrolled in the basic plan. The government will pay for one third of the premium and the employee will pay the other two thirds of the basic group plan. The plan does not have offer a paid-up cash value. There is a coverage of accidental death and dismemberment in the basic and option A plans at no cost while there is none for option B and C (www.opm.gov).
There are plans than pay significantly higher than others. There are also plans you can borrow against. In the end, our individual needs must be met as well as keeping budgetary concerns in mind.
1-We all need the coverage but at what price?
All coworkers have different wants and different needs when it comes to life insurance plans. This is an area that no one want to talk about but at some point, those left behind will need this benefit.
2-What would coworkers want to consider as a part of the plan design?
II-These benefits are very important. My wife and I always took advantage of these benefits when offered.
1- The insurance changes drastically when you buy insurance on your own?.
2- you must consider the entire benefit package as opposed to just salary? Why?.
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Solution Summary
The basic group plan is a group term life insurance coverage in which all eligible employees are put into the plan as soon as they are hired, except for those who opt out of the plan. The basic group plan covers an employees annual basic pay rounded up to the nearest $1000 with an additional $2000. There are three options (option A adds $10,000 to the basic plan, Option B offers adds up to 5 times the employees basic pay, option C offers coverage for an employees spouse and eligible children). An employee can add on after they are enrolled in the basic plan. The government will pay for one third of the premium and the employee will pay the other two thirds of the basic group plan. The plan does not have offer a paid-up cash value. There is a coverage of accidental death and dismemberment in the basic and option A plans at no cost while there is none for option B and C (www.opm.gov).
There are plans than pay significantly higher than others. There are also plans you can borrow against. In the end, our individual needs must be met as well as keeping budgetary concerns in mind.
1-We all need the coverage but at what price?
All coworkers have different wants and different needs when it comes to life insurance plans. This is an area that no one want to talk about but at some point, those left behind will need this benefit.
2-What would coworkers want to consider as a part of the plan design?
II-These benefits are very important. My wife and I always took advantage of these benefits when offered.
1- The insurance changes drastically when you buy insurance on your own?.
2- you must consider the entire benefit package as opposed to just salary? Why?.
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The basic group plan is a group term life insurance coverage in which all eligible employees are put into the plan as soon as they are hired, except for those who opt out of the plan. The basic group plan covers an employees annual basic pay rounded up to the nearest $1000 with an additional $2000. There are three options (option A adds $10,000 to the basic plan, Option B offers adds up to 5 times the employees basic pay, option C offers coverage for an employees spouse and eligible children). An employee can add on after they are enrolled in the basic plan. The government will pay for one third of the premium and the employee will pay the other two thirds of the basic group plan. The plan does not have offer a paid-up cash value. There is a coverage of accidental death and dismemberment in the basic and option A plans at no cost while there is none for option B and C (www.opm.gov).
There are plans than pay significantly higher than others. There are also plans you can borrow against. In the end, our individual needs must be met as well as keeping budgetary concerns in mind.
1-We all need the coverage but at what price?
All coworkers have different wants and different needs when it comes to life insurance plans. This is an area that no one want to talk about but at some point, those left behind will need this benefit.
2-What would coworkers want to consider as a ...
Purchase this Solution
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