GOLDEN LIFE GROUP - THE RIGHT CHOICE FOR BUSINESS

Golden Life Group - The Right Choice for business

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Golden Life Group operates under the regulation of the New York Department of Financial Services, among the strongest and most respected insurance departments in the country. 

Overview

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Employer cost of providing group life, vacation, sick time and statutory benefits to employees can sometimes exceed 35% to 40% of payroll. As these costs continue to escalate, employers are turning to voluntary benefit programs.  Golden Life Group's Whole Life LP95 insurance program can be tailored to meet employees’ individual needs and the needs of their families, while not adding to an employer’s benefit costs. 


A Voluntary Life Insurance Program offers several advantages to both employers and employees: 

Advantages to Employer

• Provides a competitive fringe benefit life insurance program, with 100% of the cost of life insurance paid for by the employee. 


• Complements existing insurance coverage. 


• Shows concern for employees, which helps reduce employee turnover and improve morale. 


• Provides convenient administration through payroll deduction of premium payments. 

Advantages to Employee

• Permanent life insurance coverage for the employee, spouse, dependent children and grandchildren. 


• Convenient payment of premiums through payroll deduction. 


• Guaranteed Issue underwriting available.* 


• Policy owner can borrow from available cash value for any reason.** 


• Portability— The employee owns the individual life insurance policy and can continue to help protect his or her family upon retirement or change of employment by paying premiums directly to  Golden Life Group . 

Program Offering

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Your employees are eligible for an underwriting offer based on case specifics, including but not limited to: employer request; industry; number of eligible employees; and participation of eligible employees. 

Guaranteed Issue

Whole Life LP95 is available for employees on a Guaranteed Issue basis, provided eligibility requirements are met, or on a Simplified Issue basis. Guaranteed Issue limits are established by Golden Life Group. The issuance of the life insurance policy or payment of benefits may depend on the answers given in the application and the truthfulness thereof 

Family Coverage

Employees can also apply for life insurance coverage for their spouse, dependent children and grandchildren. An employee does not have to purchase life insurance on himself or herself in order to insure these family members. The cost for coverage is included in the employee’s payroll deduction.

Premiums

The amount of premium payable is selected by the employee, subject to specified minimums and maximums. A blended unisex rate is applicable to all participants in the life insurance program. Tobacco and non-tobacco rates apply for issue ages 18 and greater. 

Cash Value

The cash value of the life insurance policy grows on a tax deferred basis. No income tax is due until the policy owner withdraws funds or surrenders the policy. Generally, only the excess of the cash value over the amount of premiums paid is taxable.* 

Dividends

This policy is eligible to share in any dividends declared by  Golden Life Group’s board of directors, provided the policy premiums are paid in full. Dividends are a return of premium and are not taxable as long as the dividends received do not exceed the premiums paid. Policyholder dividends are not guaranteed. 

Portable Coverage

If employees change jobs or retire, coverage remains intact and  Golden Life Group will bill the policy owner directly through a convenient payment method selected by the policy owner. 

Administration

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Billing

To ensure that all requirements and preferences are met, an Account Manager quickly establishes the lines of communication with the employer’s payroll department. 


The Account Manager will fully explain and set up the billing before the plan is enrolled.  


Our automated billing system is designed to accommodate any employee pay  frequency. This system gives us the ability to handle many different types of billing and collection methods including: 


• Electronic Billing 

• Paper List Bills 

• File Transfer Protocol (FTP) 

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Sample Weekly Rates and Values $10.00 Non-Tobacco1 Premium

Whole Life LP95 Insurance Sample Values

Values provided above illustrate representative guaranteed policy values assuming a $10.00 weekly premium is paid; non-tobacco risk class. 


This is a quotation only. A detailed illustration will be provided upon delivery of a policy, or earlier upon request.


1 No use of tobacco or nicotine products such as cigarettes, cigars, cigarillos, a pipe, chewing tobacco or nicotine delivery device such as nicotine patches or nicotine gum in the 12 months prior to the date of the application. The rates and values only for issue ages 18 and older are different for tobacco and non-tobacco. 


2 The policy owner has the right to elect the Paid-Up Insurance Non-Forfeiture option under the policy. If elected, the Death Benefit will be the amount that the Surrender Value will purchase when applied as a single premium. Guaranteed values are based on the assumption that premiums shown are paid when due and no policy loans exist under the policy 



Serving Our Customers

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The word “service” may be a buzzword in the marketplace, but at Golden Life Group of New York, we take it to heart. Our Customer Service center is comprised of a team of dedicated individuals who are highly trained in all support services including: 


• Billing 

• New Business Processing 

• Policy owner Service 


Customer Service is available Monday-Friday from 7:30 a.m. to 5:00 p.m. EST. To speak with a customer service representative, simply call our dedicated toll-free Customer Service Center at 516..315.3197  Most requests can be completed with one phone call.  



Contact Us

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Golden Life Group, LLC

(516) 315-3197

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