Group Life Insurance and Accidental Death and Dismemberment Insurance (AD&D)
It has been proven that employees are more productive when they feel secure that their loved ones will be taken care of, in the event of illness or an untimely death. That’s why smart employers consider life insurance a key part of the benefit package, and a valuable tool in attracting top talent. A good life insurance policy provides for an employee’s final expenses, taxes, mortgage and more. Additionally, it may even pay for their children’s education.
We offer the following life insurance options, either as part of the employer paid main benefit offering, or on a voluntary bases. Coverage is typically for a flat amount or for up to 2x to 3x the employee’s salary, with the option for the employee to buy up the policy, and or include coverage for dependents (spouse and children). Typically there is no exam required up to a certain amount. Coverage is portable when on a voluntary basis, meaning the employee can take the policy with them when they change employers.
Term Life Insurance
This type of life insurance does not build cash value. However, it will pay a set amount to the named beneficiary upon the death of insured within the stated term. Additionally, some policies may also make payments upon terminal or critical illness. If AD&D is added, the rider portion will pay a set amount for an unintentional death or dismemberment of the insured. Dismemberment includes the loss—or the loss of use—of body parts or functions (e.g., limbs, speech, eyesight, and hearing).
Permanent Life Insurance
A Term Life policy protects employees during their working years, however Permanent Life provides additional coverage that employees can utilize later in life. Employees can widen their safety net with premiums and benefits they can count on, as they don’t ever change.
Several advantages of Permanent Life include borrowing against the policy or building a tax deferred investment income, in addition to paying a death benefit.
Whole Life, Variable Life and Universal Life are all types of cash value life insurance. Cash value insurance is also known as permanent life insurance because it provides coverage for the policyholder’s entire life.
