Offering life insurance through an employer plan is a great way to help employees simplify enrollment and prepare for the unexpected.
For an employee group life insurance is a promise to loved ones. In the unfortunate event of a death of an employee, their beneficiary receives money to cover their final expenses and whatever else they need to keep their financial dreams alive.
Group Term Life Insurance
The most common reasons people cite for not purchasing life insurance is that they believe it’s complicated and expensive. However, many also believe they would feel the financial impact in less than one month if there was a loss of the main wage earner. *
Group Term Life is a guaranteed issue product that requires 100% employer contribution and 100% employee participation. At least two eligible employees must enroll. The maximum guarantee issue for the Group Term Life Plan is $50,000. This product includes AD&D, an Accelerated Life Benefit, Waiver of Premium Benefit, and Travel Assistance.
Voluntary Term Life Insurance
In addition to Basic Group Term Life employees have the option to increase life insurance protection for themselves and their families with Voluntary Term Life at no cost to the employer. In fact, about 2 in 10 households prefer to buy life insurance through the workplace because it’s easy and convenient. In addition, the rates are affordable, and the premiums can be deducted from their paychecks.**
Voluntary Term Life is available for groups enrolling the greater of two employees or 25% participation. The maximum guarantee issue amount is $50,000. The maximum amount of voluntary term life insurance available is $300,000 not to exceed 5x the employees annual base salary. This product includes AD&D, an Accelerated Life Benefit, Waiver of Premium and Travel Assistance for employees. Dependent coverage is also available.
Travel Assistance offers concierge-type services to provide peace of mind for your employees and their loved ones when they are traveling more than 100 miles from home for business or leisure. These benefits protect employees covered under a qualified SecureCare group life insurance plan and their eligible dependents. Emergencies happen, but assistance is now only a phone call away to help provide you with the care and attention you need when a crisis strikes.
The Employee Assistance Program (EAP) is included at no additional cost when a group enrolls on one Employer sponsored Life or Disability product and one other Life or Disability product along with dental. Personal issues, planning for life events or simply managing daily life can affect your work, health, and family. Our Employee Assistance Program can help provide support, resources, and information for personal and work-life issues. This benefit provides completely confidential access to counseling and rehabilitative services at no cost to the employee
To learn more about the features and benefits of our life insurance solutions, please reach out to your SecureCare sales representative or a trusted employee benefits broker.
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