What does Voluntary Life Insurance mean? Read on to discover the definition & meaning of the term Voluntary Life Insurance - to help you better understand the language used in insurance policies.
Voluntary Life Insurance
Voluntary life insurance is a workplace benefit that employers can set up for their employees. Through this program, an employee can buy life insurance coverage that would pay their heirs a death benefit if the employee died. The program is voluntary because employees choose whether they want coverage or not. The employer doesn't pay any of the insurance cost so employees need to decide if the life insurance is worth the cost.
We hope the you have a better understanding of the meaning of Voluntary Life Insurance.