For 2021, the Term Life Plan will expand the level of coverage available for employers to select for their employees.
When Employer Agreements become available on Benefits Connect July 20, employers will see an added feature for the Term Life Plan for 2021. In addition to the fixed amount of coverage, available in tiers from $5,000 to $50,000, employers may select an income-based benefit amount, approximately one times a member’s effective salary up to $50,000. This new feature offers increased flexibility for employers and financial protection for employees.
The Term Life Plan is a low-cost way for employers to offer security and peace of mind to employees working at least 20 hours per week who are not enrolled in the Death and Disability Plan. Employers can offer this term life coverage as part of their benefit offerings at a lesser cost than employees can likely secure on their own. Rates are not based on age, there are no separate smoker rates, and no evidence of insurability is required at any time.
Employers pay the full cost of Term Life Plan coverage; employees may not contribute.
When employers offer the Term Life Plan, they can also offer supplemental death benefits to employees who enroll in the coverage, for added protection.
Learn more about why the Term Life Plan may be right for you and your employees.