Group Term Life Plan Provisions
Group Term Life Plan Provisions
| Basic and Voluntary Term Life Benefits | |
|---|---|
| Case Size | Available to employer groups of 51 or more eligible employees |
| Rate Guarantee Period | 2 Years |
| Guarantee Issue | Calculation based on group size |
| Waiver of Premium |
Included for total disability prior to age 60, 9 month elimination
period. Waiver terminates at age 65 |
| Accelerated Death Benefit | Up to 75% of the combined Basic and Voluntary term life face amount to a maximum of $250,000 |
| Conversion | Included |
| Domestic Partner Coverage | Included (Subject to state mandates) |
| Secure Account | Included |
|
Basic Term Life Benefits (Employer-paid) |
Voluntary Term Life Benefits (Employee-paid) |
|
|---|---|---|
| Participation Requirements |
For non-contributory plans, all eligible employees must be
enrolled; For contributory plans, a minimum of 75% of eligible employees must be enrolled. For dependent life, 75% of eligible dependents must be enrolled. | The greater of 10 eligible employees or 25% of those eligible to enroll. |
| Coverage Options Available | Flat Amount or Salary Based | Increment, Flat Amount or Salary Based |
| Minimum Amount | $10,000 | 10,000 |
| Maximum1 Amount | 51-99 Lives: $250,000 100+ Lives: $500,000 | 51-99 Lives: $300,000 100+ Lives: $500,000 |
| Age Reduction | Standard: 35% at age 65; 50% at age 70 Option of: 50% at age 70 Coverage terminates at retirement | Standard: 35% at age 65; 50% at age 70 Reduction matches Basic Life reduction if quoted with Basic Life Coverage terminates at retirement |
| Portability | Not included | Included |
| AD&D | Included - benefit amounts match Life |
Available - benefit amounts match Life Employee must enroll for Life to be eligible for AD&D |
| Additional AD&D Benefits | All Case Sizes: Seatbelt, Airbag, Repatriation and Child
Education 100+ Lives Additional riders: Coma and Common Carrier | All Case Sizes: Seatbelt, Airbag, Repatriation and Child
Education 100+ Lives Additional riders: Coma and Common Carrier |
| Dependent Life Coverage Options (Spouse/Child) |
$20,000 / $10,000 $15,000 / $7500 $10,000 / $5000 $5000 / $2500 $2500 / $1000 $2000 / $1000 Employee must enroll for dependents to be eligible. Dependent coverage is limited to 50% of the employee's term life amount. Spouse coverage terminates at age 70. |
Minimum benefit is $5000 Spouse Maximum up to $125,000 Child Maximum up to $15,000 Employee must enroll for dependents to be eligible. Dependent coverage is limited to 50% of the employee's term life account. Spouse coverage terminates at age 70. |
| Dependent Life Guarantee Issue | All amounts are guaranteed issue | $25,000 |
1 Combined Basic and Voluntary benefit cannot exceed the lesser of $750,000 or 7x annual salary.
