Use Life Insurance to Help Your Employees Build a Financial Protection Plan
Protecting our families and providing support for the people who depend on us may be one of the most important accomplishments of our lives. But funeral expenses, medical bills, taxes and debts can quickly create a financial burden when a family provider is permanently disabled or passes away unexpectedly.
Group term life insurance
Nationwide Employee Benefits® Group Term Life Insurance plans can provide peace of mind for family members after the loss of a loved one. Dependents will have the financial support they need to help cover final expenses, support daily financial obligations or even assist with a child's education.
They also protect beyond the base coverage in the form of additional benefits for beneficiaries and may include an option to purchase protection for family members, including domestic partners, with dependent life coverage. Our plans feature options for:
Accidental Death & Dismemberment (AD&D) coverage
Dependent life coverage
Domestic partner coverage (subject to state mandates)
Accelerated death benefit
Secure account for beneficiaries
Waived premiums for employees facing total disability
The accelerated death benefit may allow the insured to receive a portion of their life insurance benefit if they are faced with a life-threatening illness. And in the event of a sudden loss, the AD&D coverage provides additional benefits to beneficiaries if the insured suffers an accidental death, or additional payment to the insured if they suffer a qualified loss as a result of accidental injury.
Policy proceeds of $25,000 or greater are distributed in the form of a money market account.
Employers will enjoy the flexibility our term life insurance plans offer, too. Employers may elect to fund 100% of the plan, or to share in the cost of the plan with their employees as a way to offer this valuable benefit while watching their budget. Choose what's right for your organization and employees from a variety of plan designs, including:
A fully employer-funded plan (must include all eligible employees*)
A partially employer-funded plan (must include 75% of eligible employees*)
A voluntary plan that is fully paid by the employee (must include the greater of 10 eligible employees or 25% of those eligible to enroll)
Employee Assistance Program (EAP)
A strong Employee Assistance Program promotes better employee productivity and well-being. Included with our group term life/AD&D insurance, EAP services help employees and their household members obtain free and confidential access to extensive work/life resources, including:
Advice on handling difficult life events, like losing a loved one
Parenting information and services
Child and elder care provider databases
Online financial tools and calculators
Travel assistance protection
Nationwide has partnered with On Call International to provide travel assistance protection for group term life/AD&D insurance policyholders. When employees and their household members are traveling for personal or business purposes more than 100 miles from home (for trips up to 90 days), they have access to such services such as:
24-hour access to a multilingual service center
Emergency medical assistance
Help locating doctors, dentists and medical facilities