What is the difference between voluntary life insurance and standard term life?

Voluntary Life Insurance:

• Optional coverage is offered through an employer's group life insurance plan.
• Typically paid for entirely by the employee, with no contribution from the employer.
• Can be customized to meet individual needs, with coverage amounts ranging from a few thousand dollars to several hundred thousand dollars.
• Can be portable, meaning that employees can take their coverage with them if they leave their current employer.

Standard Term Life Insurance:

• A type of life insurance that provides coverage for a specific period of time, usually 10, 20, or 30 years.
• Offers a fixed premium that is guaranteed for the life of the policy.
• Coverage amounts typically range from $25,000 to several million dollars.
• Premiums are typically higher than those for voluntary life insurance.

While both types of insurance provide coverage in the event of a policyholder's death, they differ in terms of the amount of coverage, the cost, and the flexibility of the coverage. It's important for individuals to carefully consider their options and choose the type of life insurance that best meets their individual needs and budget.