A very popular option with employers these days is voluntary payroll deduction (VPD)  life insurance.  It is a very convenient benefit that can be offered to the employees of a company that doesn’t cost the employer anything.  Basically the options are presented to the employees during the day, so they don’t have to worry about meeting the agent at night or on the weekend.   For folks who sign up for it, a deduction is taken out of their paycheck to pay the premium each month.   It is one less bill you have to deal with then and often times a VPD plan has more liberal underwriting standards.    If you are in bad health and might not qualify usually, you may be able to still get insured throught the VPD plan.  On top of that it allows employees to select from level term insurance, whole life, and universal life.  The cash value can build up nicely over time like your 401k and it can create another nice pot of money.   All policy’s in a VPD plan are portable, so you can take it with you if you leave the company and you continue to have that coverage.

If you haven’t opted in to your existing plan, it would make sense to explore it.    If you are an employer and would like to explore setting up a plan, you may want speak to a Paramount consultant.  As an employer, it is a competitive marketplace and qualified people are always looking for a better opportunity.  This is one option that you can provide to your employees as another perk, that is of no cost to you.