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Voluntary Life Insurance: Basic Information

Voluntary life insurance—sometimes referred to as voluntary term life, voluntary employee life, and supplemental life—is 100% employee paid, which is different than basic life insurance because that is 100% employer-paid. Your employer can offer voluntary life insurance on its own or offer voluntary life insurance in conjunction with basic life insurance, meaning that you can enroll in voluntary life insurance on top of the basic life insurance.

Here are a few key terms to know about voluntary life insurance:

  • Benefit amount: This is how much coverage you choose.

  • Max benefit amount: This is the maximum amount of coverage you can choose.

  • Guaranteed issue: This is the amount of money that you’re guaranteed to receive by enrolling in the policy. If you choose an amount that is over the guaranteed issue, you’ll need to provide an Evidence of Insurability form along with your enrollment application.