Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately

Voluntary Life Insurance

Synonyms:voluntary group life insurance
Filed Under: estate-management, financial-banking, insurance
Tags: banking, insurance, life insurance

Definition of voluntary life insurance

voluntary life insurance
1. A form of life insurance offered by some employers where the employee is given the option to pay his or her own premiums. Premiums for a voluntary life insurance policy can be less expensive than similar individual life insurance policies due to a company's group discount.

Related Terms and Acronyms:

  • fringe benefit   Employee compensation other than your wages, tips and salaries, such as health insurance, life insurance and pension plans. Usually referred to as a Bonus.
  • group health insurance plan   Health insurance that covers a large group of people, often as part as a employee benefit package.
  • group life insurance   Life insurance offered to a large number of people belonging to an organization, usually as part of a benefit package.
  • health maintenance organization (HMO)   A healthcare plan where insured people receive reasonably priced health insurance through an organization with firm guidelines on the scope of care.
  • life insurance   An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
      ➥  CanEquity offers life insurance.

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