Life Insurance

Group Term Life Insurance

Take a look at some of the important features of the group term life insurance plan:
•  Affordable
•  High levels of coverage
•  High issue amounts
•  Accidental Death & Dismemberment coverage
•  Seat-belt benefit
•  Accelerated benefits for terminal illnesses
•  Waiver of premium for disability
•  Optional dependent coverage

The group term life insurance plan provides your employees with up to $100,000 of life insurance coverage (or more subject to approval).

Flexible schedules based on earnings, employee classifications or flat amounts can be used to develop your group term life plan. Coverage amounts reduce 50 percent at age 70.

Groups with two to four employees who are transferring from another insurer are not required to provide proof of insurability as long as proof of transferred life amounts is provided. Groups with five to nine employees who have no prior coverage are eligible for amounts up to $50,000 (with a f lat schedule) and $30,000 (with all other schedules) without evidence of insurability. If coverage is a replacement with proof, employees may be eligible for amounts up to $100,000 without evidence of insurability.

The group term life insurance plan is available at affordable rates. Small group premium may now be comparable to rates previously available only to employers with large numbers of employees.

Employees actively at work at least 30 hours a week on a full-time basis are eligible for coverage. (Hours required may vary by state law.)

The group term life insurance plan includes Accidental Death & Dismemberment (AD&D) coverage. If an employee's death is caused by an accident, the full AD&D benefit will be paid to the beneficiary in addition to the life insurance amount. If an employee loses a hand, a foot or an eye due to an accidental injury, a specified percentage based on the full AD&D benefit will be paid to the employee.

The AD&D coverage includes a seat-belt benefit that pays an additional benefit if an insured dies as a result of a car accident while wearing a seat belt.

The accelerated benefits provision allows an employee to receive a portion of his or her life insurance benefit before death if diagnosed with a terminal illness. The beneficiary receives the remaining benefit after death. A terminal illness is defined as an illness from which no recovery is expected and which results in a life expectancy of six months or less.

These accelerated benefits can help pay for medical costs or help maintain the financial security of an employee's family during a terminal illness. This benefit is available only for life insurance amounts of $20,000 and more. (This accelerated benefit is available in most states.)

If an employee becomes totally disabled before age 60 and remains disabled for at least nine months, insurance will continue without premium payment for up to one year. The employee must submit the required proof of disability to us within the three months prior to the end of that year. If you continue to meet the requirements necessary for us to consider you totally disabled, we will continue coverage for additional one-year periods. Waiver of premium benefit will cease when the employee either is no longer totally disabled, refuses to be examined, does not submit the required proof of disability, or attains age 70.

If an employee becomes totally disabled after age 60 but before age 70, life insurance will continue subject to the terms and conditions above until the earlier of one year or the day the employee reaches age 70, at which time the life insurance coverage will end.