We also offer an excellent Life offering that combines both a permanent program of Universal Life for employees, in conjunction with inexpensive Term Insurance. The Employer can select to offer additional riders on this group plan, which can include Critical Illness coverage, Long-Term Care coverage, and Waiver of Premium.
The amount of coverage available to an employee is based on their annual salary. The maximum allowed for purchase on this plan is (5) times annual salary, to a maximum of $500K. The employee can apply for both a Universal Life policy and Term Insurance under one application, selecting the amounts of each or either plan based on their personal family needs. Participation in this product when offered to employees is normally quite high, as this product can truly address the individual financial needs of each employee.
Based on Group size, the offering can include Conditional Guarantee Issue with only a few eligibility questions, and with participation, a level of Guarantee Issue can also be offered based on the size of the Group. Coverage is also available to Spouses and Children.
We can secure excellent underwriting offers for Group Term Life. Most of our Brokers offer and enroll this product themselves, with our Agency securing the specialized Voluntary Work-Site Life products and underwriting.