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Comparing Basic Term Life & Dependent Life Insurance |
Getting a life insurance policy is very important for people who want to have peace of mind. This is especially true for people who have families who are dependent on them for support. One of the best ways to get life insurance coverage is through group insurance programs, which are usually offered to employers and their employees. In the case of the Blue Cross of California, the company is currently offering both the Basic Term life and the Dependent Term Life to employees.
To compare the basic term life against the dependent life insurance, let us first start with the nature of the two policies. When we talk of Basic Term Life, we refer to the insurance policy that the employ can take as the principal plan holder. On the other hand, a Dependent Life Insurance is that insurance policy that one may get for his or her dependent.
Benefits
There is a big difference when it comes to the benefits that the Basic Term Life policyholder has over the Dependent Life Insurance policyholder. First, when it comes to the coverage, Basic Term Life would have insurance coverage from $15,000 to $250,000 depending in the type of schedule that his or her company may get. On the other hand, the Dependent Life Insurance of Blue Cross of California has offers only two types of coverage of $10,000/$1,000 and the $5,000/$1,000. Clearly, when the policy is a Dependent life Insurance, the policyholder only has smaller coverage compared to the Basic Term Life policyholder.
Payment Options
When it comes to payment options for the Basic Term Life Insurance, the company where the policyholder is working may choose the payment options since in most cases, it is the company that will pay for the premiums although in some cases, the employees will be made to make contributions for the premium payments. Note that the company can choose between the three schedules of payments such as the flat dollar amount for all employees, the life benefits graded by job title and the salary based life insurance.
In the case of Dependent Life Insurance, the employers have the option as to whether or not they will offer the Dependent Life Insurance to their employees. In the event where the employer does offer the service to their employers, they are not compelled to pay for the premiums of such coverage. The employee who wants to avail of such service will be paying for the premiums.
There are two types of coverage available under this policy. First, the $10,000/$1,000 option where the spouse and the children with age 6 months up to 19 years gets $10,000 coverage while the children which are below 6 months of age shall have $1,000 coverage. This option is available only if the benefit is $20,000 or more. The second coverage is the $5,000/$500 where the spouse and the children who are 6 months to 19 years of age gets $5,000 coverage while the children with age below 6 months shall get $500.
AD&D Benefits
The other difference between the two insurance policies is that where the Basic Term Life has Accidental Death and Dismemberment (AD&D) benefits, the Dependent life insurance offers none.
Learn more at: www.baahealth.com
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Address:
12300 Wilshire Blvd. #310
Los Angeles, CA 90025 |
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Phone:
877-467-7526 |
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Fax:
310-820-7522 |
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License Number:
# 0D61199 |
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Insurance Brokers:
Ronald Kramer |
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