Group Life Insurance Payouts are Usually Used to Cover
- End-of-life expenses. This pays for funeral expenses.
- Day-to-day bills. Car payments, car insurance, groceries, clothes and school supplies for the kids.
- The Mortgage. Knowing that life insurance proceeds can be put toward paying the mortgage can offer your spouse the freedom to make decisions that are best for your family during a trying time.
- Cosigned debts. Even if you’re unmarried, there may be a co-signer who would be responsible for the outstanding debt you left behind.
Did You Know?
68% of workers would be somewhat or very likely to purchase voluntary group life insurance if it was offered by their employer.OneAmerica by Harris Poll
What Group Life Insurance Usually Does Not Cover
- While some life insurance policies have a suicide clause that allows for payment of benefits after the policy is over two years old, not all policies have this clause.
- Certain reckless endangerments are excluded in many policies.