Why Buy Voluntary Life Insurance? 
Usually the term `` Voluntary '' life insurance refers to a policy which may be purchased through your place of employment . Generally `` Voluntary '' life insurance is purchased through a group contract made between your employer and the insurance company . `` Voluntary '' life insurance can be a very good purchase as some companies will relax their underwriting requirements for those who participate and some insurance companies will even offer guarenteed issue type policies for those employees that participate . One of the other benefits of these policies is that they may be able to have the premiums deducted from your pay check according to how you are paid -LRB- weekly , bi-weekly , monthly , etc -RRB- . Other than how they are purchased `` Voluntary '' life policies are the same as any other life policy that you can by , in that they allow you to own the policy and assign beneficiaries as you desire . In most cases , if you leave your employment you may continue your policy by paying the monthly premiums from your bank account as they come due . I would caution though , that you should talk to the insurance company representative , when they come to enroll the group or service the account , as some policies may have different rules than others . 