Basic Term Life

Basic Term Life: One year renewable group term life insurance that provides a scheduled benefit amount or multiple of pay to an employee's beneficiary in the event of the employee's death.

Supplemental, or Optional Term Life: Employee-pay-all (voluntary) protection that offers employees additional amounts of group life with portability (portability feature subject to carrier and state availability).

Dependent Term Life: An enhancement to group life plans that may be offered under either an employer-sponsored or voluntary basis. Coverage is available for one's spouse and/or dependent children.

Plan Enhancement

Accelerated Benefits Option (ABO): To help ease the financial burden that often accompanies a serious illness, ABO allows terminally-ill insureds (employees and spouses) with a life expectancy of six months or less to receive an advanced pay-out of a percentage of their group life insurance face amount of coverage. Under this feature, insureds may accelerate a portion of the face amount up to 50% of their insurance to maximums specified by contract.

Waiver of Premium: Allows covered employees to receive death benefit coverage after life insurance coverage ends, if they become totally disabled and are not at work due to such disability. By provision of contract, the premium is waived for the disabled employee after a specified waiting period.

Cash Management Option: Most group life carriers offer some kind of cash management option as a claim settlement option. Such option helps protect the financial security of beneficiaries and offers immediate access to and control of their insurance proceeds via check-writing privileges.