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Insurance at the Workplace

Insurance at the Workplace

Voluntary insurance is an optional benefit offered by some employers where the employee pays the premium. The premium, based on the employee’s age and the amount of insurance purchased, may be less expensive than individual insurance premiums because of an employee group discount.

Americans have been turning to voluntary benefits in recent years to fill the gaps in their coverage needs. Employees can choose to purchase only those benefits they need and pay the premium through convenient payroll deduction.

Some voluntary life insurance plans offer additional benefits such as coverage portability if the policyholder changes jobs, accelerated benefits if the policyholder becomes terminally ill, and the option to purchase life insurance for spouses, domestic partners (where domestic partners are recognized under state law) and dependents.

Here are a just a few benefits of obtaining voluntary insurance at your workplace:

  • Voluntary insurance is “portable” and isn’t tied to your employer. It’s yours and it stays with you, no matter what happens to your job.
  • Voluntary insurance can provide you with a financial safety net that keeps your mind on your job and not on money concerns.
  • Voluntary insurance pays cash benefits you can use to pay unexpected health care costs that might not be covered by medical insurance.
  • Voluntary insurance pays cash benefits regardless of any other insurance coverage you might already have, including insurance available through government exchanges.

Consult an Insurance Professional