Basic coverage can be tailored to suit most employee groups, whether the benefit schedule is based on a fixed amount, job classification or salary multiple. Almost all group term life insurance policies include an amount of Accidental Death and Dismemberment (AD&D) Insurance equal to the amount of life insurance provided.
Waiver of premium benefits are available if an employee becomes totally disabled before age 60 and remains so for six months. If an employee becomes terminally ill with a life expectancy of 12 months or less, an accelerated death benefit pays a portion of the life insurance benefit while the employee is still living1. Extension coverage once an employee is no longer actively at work due to disability, and conversion coverage are also available.
1 Receipt of this benefit may be taxable or may adversely affect the employee's eligibility for Medicaid or other government benefits or entitlements. It is recommended that anyone thinking about filing for an accelerated death benefit obtain professional tax counsel first.
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