Group Term Life Insurance
Group Term Life Insurance helps employees protect their loved ones from the financial impact of premature death. Our products include:
- Employer-paid Basic Term Life
- Employee-paid Optional Term Life
- Spouse/domestic partner and dependent coverage
- Enhance your life insurance with ancillary services like Employee Assistance Program (EAP), estate guidance, ID theft protection, travel assistance, and tobacco cessation (additional options available).
Understanding the Coverage Options
When choosing a Group Term Life Insurance policy, it’s essential to consider the coverage options and features. Here are some of the key elements to look for:
Basic Life Insurance Coverage
This is the standard coverage amount the employer provides, usually a multiple of the employee’s salary (e.g., one or two times the annual salary). This coverage is typically offered at no cost to the employee.
Optional Supplemental Life Insurance
Employees can choose to purchase additional life insurance coverage beyond the base amount. This is especially useful for individuals with larger financial responsibilities or dependents who rely on their income.
Dependent Life Insurance
Some employers offer coverage for employees’ dependents, such as spouses and children. This ensures that the family is fully protected during a loss.
Accidental Death and Dismemberment (AD&D) Coverage
AD&D coverage provides additional benefits if the employee’s death or injury occurs as a result of an accident. This is often offered as a rider or add-on to the basic Group Term Life Insurance policy.
Why offer group term life insurance?
- Basic term life insurance offers employees foundational protection that helps meet minimum income needs in the event of a premature death. It can be an important tool to help families afford final expenses, such as funeral and medical bills, as well as day-to-day financial obligations.
- Supplemental term life insurance allows employees to increase their protection, offering a cost-effective financial safety net, at no additional cost to employers.
- Employees at all stages of life may need life insurance, from single in their 20s to married couples with grown children.
- Under the federal tax code, employer-paid coverage amounts up to $50,000 are generally income tax-free to employees.
How does group term life insurance work?
Group term life insurance provides cost-effective insurance protection for a specified period. It provides a base level of protection alongside employees’ savings, individual life insurance, and Social Security benefits.
There is no cash value accumulation with term life insurance.
The benefit is paid if the insured dies during that “term.” For group insurance, the “term” is considered the number of years the insured is employed. As with other life insurance, benefits paid to a beneficiary are generally income-tax-free.
Coverage stops at the end of the term, or when the insured stops paying the premiums. If an employee retires or leaves their current employer, options for continuing coverage may be available.
Additional features
Benefits that can be added to Securian’s group term life insurance policies include:
- Guaranteed coverage options
- Dependent coverage
- Waiver of premium for disabled employees
- Continuation options for employees who change jobs or retire, including portability and conversion
Benefits
Time is important. Especially when you’re building your career … when you’re juggling growing and changing family responsibilities. So setting up this $50,000.00 member benefit was made as easy as possible.
- No medical exam. No health questions. Members under age 50 usually don’t have time to set up doctor’s appointments for a physical. They don’t have an evening to spare to meet with an insurance agent to fill out long forms.
- Acceptance is guaranteed. You cannot be turned down thanks to the simplified activation process. Just note who you want covered, you or you and your spouse, and how you want to handle premiums. Everything from there will be taken care of.
- $50,000.00 paid in addition to coverage from work. This plan stands as an added layer of protection … with cash benefit checks paid regardless of any other coverage you may have.
- Your spouse is guaranteed the same streamlined activation process. It doesn’t matter if they already have a bit of coverage through work or even if they stay at home to manage their family. As long as you enroll in member coverage, your spouse is entitled to $50,000.00 on a guaranteed acceptance basis – just like you.
- Group rates keep costs economical. As you’re building your career, it’s important to make sure your coverage keeps up with changes in your life. But keeping the price of that coverage in line with your budget is crucial, too. That’s why this coverage is offered with economical group rates.
Please don’t wait. Coverage through work is good – but it’s just a start. Set up an additional $50,000.00 member benefit today. Remember: You cannot be turned down because it’s extended on a guaranteed acceptance basis.
Why Group Term Life Insurance Matters?
Offering Group Term Life Insurance shows your employees that you value their well-being and the security of their families. It’s a meaningful benefit that can help foster loyalty and trust within your organization. With the right plan, you can provide a safety net for your employees, ensuring they have the protection they need when life takes an unexpected turn.
Take the Next Step in Employee Benefits
Are you ready to take the next step in supporting your employees’ financial security and peace of mind? Our Group Term Life Insurance plans are designed to be comprehensive, flexible, and easy to manage. Contact us today to learn more about how our coverage options can fit into your company’s benefits package and how we can help you create a more supportive work environment for your team.
Get a Quote Now
While getting a life insurance service, it’s important to examine different options. We at Insure Guardian provide you with a free quote service that will help you to determine the best estimate for your future.