We recently had an owner of a company tell us that he was unable to get any additional insurance due to pre-existing medical conditions. Our next question was if he had any Group Life Insurance through his company?
He did a very small amount (10,000) that was just a throw in for the existing short-term disability insurance. We got him a quote for Group Life Insurance for one times annual salary to a maximum of 150K, since that was the maximum GI (guarantee issue), we could get him.
On the first of May, for a total cost of $450 for his 24 employee company all his employees have one times annual salary for life insurance. Since he was actively at work on May 1st, he now has 150,000 of additional life insurance.
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