Voluntary Life Insurance

Definition

• A form of life insurance offered by some employers where the employee is given the option to pay his or her own premiums. Premiums for a voluntary life insurance policy can be less expensive than similar individual life insurance policies due to a company's group discount.

Synonyms
voluntary group life insurance

Related Terms and Acronyms

• Fringe Benefit — Definition,
  • Employee compensation other than your wages, tips and salaries, such as health insurance, life insurance and pension plans. Usually referred to as a Bonus.
• Group Health Insurance Plan — Definition,
  • Health insurance that covers a large group of people, often as part as a employee benefit package.
• Group Life Insurance — Definition,
  • Life insurance offered to a large number of people belonging to an organization, usually as part of a benefit package.
• Health Maintenance Organization (HMO) — Acronym, Important,
  • A healthcare plan where insured people receive reasonably priced health insurance through an organization with firm guidelines on the scope of care.
• Life Insurance — Definition, Very Important,
  • An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
  ➥ CanEquity offers life insurance.