Florida Life Insurance laws & compensation compliance analysis

Florida Life Insurance: What you need to know

Employers have no obligation under Florida law to offer life insurance to their employees. However, if group life insurance is among the benefits offered to workers, certain minimum requirements must be satisfied (FL Stat. Sec. 627.552 through Sec. 627.575):
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Group characteristics. The group to be insured must consist of no fewer than two people. The group covered must include all the employees of the employer, or all of any class or classes of employees determined by conditions pertaining to their employment. A class of employees that consists solely of employees covered under the employer's group health plan is not permitted. Employees of affiliated and subsidiary businesses may be covered as well as corporate directors, individual proprietors and partners, and retired employees.
Beneficiary. An employee may name anyone except the employer as beneficiary.
Employer/employee contributions. Employers are not required to make any contribution toward the cost of group insurance, but if the employer pays the entire cost, all employees in the eligible class (except those for whom evidence of individual insurability is not satisfactory or who reject coverage in writing) must be covered by the policy.
Family coverage. Coverage under a group policy may be provided to employees' spouses and dependent children. The amounts of insurance for any covered spouse or dependent child may not exceed the amount on the employee.
Conversion. Employees, as well as their spouses and dependents, are guaranteed the right to convert group coverage to an individual policy in the event that the group member's employment is terminated or the member ceases for any other reason to be a part of the class eligible for ...

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