Group term life insurance helps your employees prepare financially in case of an untimely death. As an employer, you have the flexibility to choose a life insurance plan based either on employee salary or a flat benefit amount.
Our standard life insurance plans have benefits that pay for death occurring anytime, anywhere, and from any cause. Coverage also includes:
- Premium waiver if an employee is disabled before age 60 – if an employee becomes totally disabled while covered under the life insurance policy, we continue providing the life insurance benefit without further premium payment.
- Conversion privilege – an employee can change group life coverage to an individual life policy if part or all of his or her life insurance ends because her or she is no longer employed or no longer part of an eligible class.
- Accelerated death benefit – we pay part of the life insurance benefit’s total amount when the insured is terminally ill (if he/she or the legal representative picks the benefit and provides satisfactory proof). This benefit is paid in one lump sum to the insured.
If you are interested in group term life insurance from Consumers Life, contact us online, call us at 866.925.2542 or contact your sales representative or broker.