Voluntary Employee Life Insurance. Voluntary term life insurance is a form of coverage that provides the employee’s spouse protection for a set number ranging from 10 years to 40 years. Voluntary employee life is a type of life insurance offered through an employer's benefits program.
Especially since maximum coverage amounts for voluntary life insurance vary wildly among employers and insurance companies. The employee pays the monthly premium to the insurance company. Voluntary life insurance is a supplemental benefit that is generally offered by your employer.