|September 25, 2020|
Basic Life Insurance
You have access to Basic Life Insurance products that provide a wide range of innovative, flexible solutions to meet the needs of each Plan Member. This low-cost coverage helps Plan Members plan for the financial security of their beneficiaries and manage the economic consequences of an unexpected loss.
Common Basic Life Insurance plan designs include:
A specific plan can be designed to meet the requirements of each participating group.
Some of the highlights of Basic Life Insurance plans are:
Optional Life Insurance
Each Plan Member may have different life insurance needs above the amount offered for Basic Life Insurance. Optional Life Insurance allows a Plan Member to purchase additional life insurance through payroll deductions. The cost of this coverage is considerably less than to purchase individual insurance outside of a group plan. Medical evidence of insurability is required for this benefit.
Optional Life Insurance is available with the following plan features:
Dependent Life Insurance
While Basic and Optional Life Insurance cover Plan Members, the loss of a spouse or child can also result in unexpected expenses or financial burden. Dependent Group Life Insurance is an affordable benefit option that can provide the financial assistance Plan Members need to help them through this difficult time.
Rates for the Basic Life Insurance and Dependent Life Insurance are based on the specific demographic features of each insured group.
The volume purchasing arrangement available to you allows for very competitive Life Insurance rates.
Rates for Optional Life Insurance are based on the age and smoking status of the Plan Member and/or spouse. Each rate represents the monthly cost to purchase $10,000 of optional coverage:
For example, the cost for a 38 year old non-smoking Plan Member to purchase $50,000 of Optional Life Insurance would be $50,000 X $.70 / $10,000 = $3.50 per month.
If you have any further questions, please contact us; we'll be glad to help you.