New group term plan offers brokers affordable coverage for their clients’ employees.
COLUMBIA, S.C. – Brokers now have another life insurance product to offer their clients. With life insurance ownership at an all-time low in the U.S., Colonial Life & Accident Insurance Company’s new group term life product offers affordable coverage for their clients’ employees.
Product offers important benefits to workers
Colonial Life’s new group term life plan offers the following benefits and features:
- No health questions. Employees, spouses and dependents can obtain coverage on a guaranteed issue basis.
- Help with terminal illness expenses. Insureds can use an accelerated death benefit to help offset the expenses associated with a terminal illness. A covered person diagnosed with a terminal illness can receive up to 75 percent of the death benefit of the policy, up to a maximum of $150,000.
- Confidential employee assistance. Employees can access a 24-hour confidential service for help with personal or work-related challenges. This service includes face-to-face sessions with mental health professionals and attorneys, and well as referrals for state-specific legal information and services. Employees can receive assistance with preparing wills at no additional cost.
- Financial and legal support for terminally ill insureds. A covered person diagnosed with a terminal illness can receive financial, legal and grief support and referrals for up to 12 months.
- Additional coverage for accidental death or dismemberment. Employees, spouses and dependent children can add this optional coverage to the group term life policy.
- Access to permanent coverage. Coverage under most policies can be converted to whole life coverage if employees leave their jobs.
“Forty-one percent of adults in our country today own no life insurance,” says Jeffrey Koll, FSA, MAAA, assistant vice president for life and disability product development at Colonial Life. “And 43 percent of people don't have enough life insurance. Brokers can offer this new group term life product to their clients so employees can protect their families more affordably.”
The product offers brokers competitive compensation and the ability to quote accounts of 10 to 499 lives without home office approval. And because the group term life product is situs state issue, it offers consistency to brokers with clients that have operations in multiple states.
New group term life product offers valuable benefits to clients
Colonial Life’s new group term life plan offers the following benefits to employers:
- Expanded benefits program at no additional cost. Employers can offer this new benefit without impacting their bottom line since employees pay 100 percent of the premium.
- Coverage for all employees. Guaranteed issue coverage means all employees actively at work are eligible regardless of their health.
- Plan design options to accommodate large and small employers. Small businesses will find the product simple to administer, and larger employers can customize additional options to fit the needs of their employees.
- Additional coverage at a more affordable cost. Benefits for accidental death and dismemberment coverage are packaged together for more
- Support for employees through employee assistance program. The employee assistance program provides support for personal and professional problems that can affect company productivity.
- Available to employers with multi-state locations. The product allows employers with workers in multiple states to offer the same benefit to their entire workforce.
Coverage may vary by state and may not be available in all states.
About Colonial Life
Colonial Life & Accident Insurance Company is a market leader in providing insurance benefits for employees and their families through the workplace, along with individual benefits education, advanced yet simple-to-use enrollment technology and quality personal service. Colonial Life offers disability, life and supplemental accident and health insurance policies in 49 states and the District of Columbia. Similar policies, if approved, are underwritten in New York by a Colonial Life affiliate, The Paul Revere Life Insurance Company, Worcester, Mass. Colonial Life is based in Columbia, S.C., and is a subsidiary of Unum Group, one of the world’s leading providers of employee benefits.