How Do You Buy a Policy With Great Western Life Insurance?


Quick Answer

Customers can buy group annuity funding agreements and group employee term life insurance policies from the Great Western Insurance Company. These products are flexible, and GWIC offers personally designed insurance products to meet specific company needs. Annuities provide a steady stream of payments at a future date, notes Investopedia.

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Full Answer

GWIC's group employee term life policies offer income tax-deductible premiums and profit-sharing potential to employers. Group employee benefits also assist in reducing turnover of workers, which lowers hiring expenses, states GWIC. Employers can name a beneficiary, add their spouse or child to the policy, and buy additional coverage at competitive rates.

Licensed providers sell all group life policies, per GWIC. Premium rates depend on age, gender and desired benefit levels, while groups of 10 or lower require evidence of insurability. Policies renew every year, with premiums due each month. Employers set amounts for life insurance and accidental death or dismemberment coverage.

The group annuity funding agreement comes with fixed interest rate asset accumulation, according to GWIC. This policy offers a middle-ground between the risky nature of other retirement accounts and the low yields of checking and savings bank accounts. GWIC guarantees both the principal and interest amounts, with the company boasting a B++ rating.

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