Offering life insurance through an employer plan is a great way to help employees simplify enrollment and prepare for the unexpected.
The most common reasons people cite for not purchasing life insurance is that they believe it’s too 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 insurance gives employers the flexibility to offer plans at no cost to the company; plans at no cost to the employee; or supplementary or voluntary plans that allow the employees to purchase as much coverage as they would like at affordable group rates
In addition to Basic Group Term Life employees have the option to increase life insurance protection for themselves and their families with Supplemental 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, the rates are affordable and the premiums can be deducted from their paychecks.**
Employers may offer Voluntary Term Life for employees, spouse and children, providing protection for the future. The employee pays the monthly premium. In exchange, the employee's beneficiaries will receive a death benefit should the employee die while the policy is in force. There is no cost to the employer for Voluntary Term Life.
As a complementary benefit to life insurance, Accidental Death and Dismemberment & Paralysis Insurance, as the name implies, pays benefits if you die in a covered accident. ADD&P insurance will pay your beneficiary a cash benefit that can be used however it is needed. It pays in addition to your primary insurance, and also pays benefits to you, if you were to lose a limb, your eyesight or become paralyzed in a covered accident.
This benefit is included the Basic Benefit for all covered family members. In the event a covered person is diagnosed with a terminal illness, the death benefit can be accelerated to help with living expenses. The Terminal Illness benefit amount is equal to the lesser of 50% of the covered person's Death Benefit or $100,000.
All premiums related to a covered person's supplemental coverage, including spouse and dependent coverage, will be waived once the covered person has been totally disabled for six consecutive months. Premiums will continue to be waived as long as the covered employee is totally disabled.
*Facts from LIMRA Life Insurance Awareness Month, September 2014. https://www.limra.com/globalassets/limra/newsroom/fact-tank/fact-sheets/limras-facts-about-life-2014
**Facts About Life 2013. http://www.limra.com/uploadedFiles/limracom/Posts/PR/LIAM/PDF/Facts-Life-2013.pdf
Dental and Vision Insurance Underwritten by American National Life Insurance Company of Texas Galveston, Texas.
Life, Short Term Disability, Accident, Critical Illness, Cancer, Limited Medical and FlexCare Hospital & Medical Insurance Underwritten by Standard Life and Accident Insurance Company Galveston, Texas.
SecureOne Plan is not insurance and is, therefore, not underwritten by or associated with American National Life Insurance Company of Texas or Standard Life & Insurance Company, nor is it a part of the SecureCare Group Insurance plan.
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