Group Life Insurance

Offering financial assistance upon the death of an employee or dependent, mandatory benefits of a traditional benefit plan are:

  • Basic Life
  • Dependent Life
  • Accidental Death and Dismemberment

Basic Life

Each employee can designate a beneficiary (or beneficiaries) to provide financial assistance in the case of their death.

Schedule of Benefits

  • Either a flat amount (i.e.. $25,000) or a mulitple of the employee’s earnings.
  • Group size and/or plan design will limit overall maximum’s or Non-Evidence Maximum’s (NEM’s) for the amount of life insurance an employee qualifies for.    However, employees could be eligible for additional coverage and will need to submit evidence of insurability.

Dependent Life

This financial product helps to meet funeral and burial expenses upon the death of a dependent.

Schedule of Benefits

Modest by design, the coverage for a typical benefit would be:

  • Spouse $10,000 and Each child $5,000

Accidental Death and Dismemberment

If an employee dies or suffers a specified injury as a result of an accident, Accidental Death and Dismemberment (AD&D) insurance pays a benefit.  Coverage is normally provided on a 24-hour basis.

The death benefit is payable to the beneficiary designated under the Basic Life benefit.  For other losses, the benefit is payable to the employee.

Schedule of Benefits

Equal to the Basic Life amount, the principle amount of the AD&D benefit is payable for loss of life due to an accident to a listed beneficiary or the estate.

With respect to an accident, a schedule of benefits is referenced.  Generally benefits are paid out relative to the severity of loss the insured experiences usual including definitions as in “loss of use of” (i.e. loss of use of a hand, foot, arm or leg).

For the above benefits, coverage generally terminates at the earlier age of 70 or retirement.

If you are a Complete Benefits client, please see your policy for details.