Permanent Life Insurance allows employers an opportunity to offer financial protection at a fixed rate with a guarantee that coverage will be around as long as premiums are paid. Worksite life products offer the employee lifetime protection, guarantee issue of acceptance, attractive rates and the potential for tax-deferred cash value accumulation. This guaranteed issue coverage is available to employees, spouses, and dependent children.
Key features to these products are various amounts of coverage, guarantee issue, minimum interest rate, full portability, and in many cases, added protection features.
The initial focus of the policy has been financial protection for the family in the event of death. We have found it possible to add additional features to the policy in order to address a number of life possiblities at a fraction of the cost to purchase individual policies.
When we evaluate and propose a policy, we look at additional rider options which can be included. Among these are:
- Long Term Care – If a policyholder cannot perform two or more functions of daily living, they can elect to have the policy pay 4% of face amount of coverage each month, up to 4 years and still have paid up insurance.
- Accelerated Benefits – If a policyholder is diagnosed with a terminal illness resulting in death, they can elect to take the death benefit immediately.
- Strike Waiver – In cases where a union is the sponsor of the program, we can include a strike waiver which waives the employee premiums up to 12 months.