1. Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    Voluntary term life is a group product where participation is not mandatory. An employee can choose to purchase voluntary life, usually through payroll deduction. Depending on the plan, voluntary can be a guaranteed issue or simple underwriting plan. Guaranteed Issue would just be signing up and paying the premium and Simplified Issue might involve answering a few questions. Either way, most will pay more in price for these plans. Simple rule of thumb with insurance, the fewer questions, the higher the cost. If you're a fit person, in good shape and health, a voluntary payroll plan gives you some convenience, but not any cost savings.
    Answered on April 10, 2013
  2. Ted RatliffPRO
    Owner, SeniorCare Financial Services Northeast Ohio,
    As stated, voluntary Term is offered on group policies and is voluntary, meaning you do not have to take it. Term insurance means that it is only offered for a specific period. Never rely on voluntary term as your whole insurance package. This only covers you while you are employed. That is why it is called term insurance. Some contracts will allow you to convert it to a permanent policy if you leave your job but that would be at a much higher rate. Most however do not offer that option. Some individual health policies also offer voluntary term insurance. This covers you while you have that policy but you lose it if you change insurance companies. You are better off in most cases to purchase insurance on your own.
    Answered on April 11, 2013
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