Colonial Life launches new group term life product
Group term life offers affordable way for employees to purchase life insurance
COLUMBIA, S.C. (May 2, 2012) — Employers now have a new life insurance product to offer their employees. With life insurance ownership at an all-time low in the U.S.1, Colonial Life & Accident Insurance Company’s new group term life product offers an affordable way for employees to purchase this much-needed coverage.
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,1” 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.1 This new group term life product gives employers a lower-cost option their employees can use to protect their families.”
New group term life product offers valuable benefits to employers.
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.
- Support for employees through employee assistance program. The employee assistance program provides support for personal and professional problems that can affect 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.
For more information about Colonial Life’s new Group Term Life plan, call 803.798.7000 or visit www.ColonialLife.com. Coverage may vary by state and may not be available in all states.
1 LIMRA, “Fast Facts about Life,” 2011.
About Colonial Life
Colonial Life & Accident Insurance Company is a market leader in providing financial protection benefits through the workplace, including disability, life, accident, dental, cancer, critical illness and hospital confinement indemnity insurance. The company’s benefit services and education, innovative enrollment technology and personal service support more than 80,000 businesses and organizations, representing more than 3 million of America’s workers and their families. For more information visit www.coloniallife.com or connect with the company at www.facebook.com/coloniallifebenefits, www.twitter.com/coloniallife and www.linkedin.com/company/colonial-life.