Overall Description
Group Life provides a lump sum benefit on the death of an employee to be passed on to his/her beneficiary.
One of the advantages of Group Life insurance to an employee is that there is no medical requirement up to a specified amount of cover. This ensures that all eligible employees can obtain life insurance at a modest cost because of contributions made by the employer.
The advantage to the employer is that most or all of his contributions under his plan qualify as a deductible business expense.
Features:
- Group Life Coverage can be applied from as little as 10 lives and over.
- Coverage is based on a flat amount or one to four times annual salary. This can be negotiated based on the nature of the company business, number of employees and salaries.
- Coverage can be until age 60, 65 or 70 and can include a retiree benefit.
- Dependent benefits can be included
* Total disability waiver of Premium, after 6 months of continued disability, if any employee is disabled, until the employee returns to work.
Life cover can be enhanced with a range of additional benefits, which are taken out in addition to the main group policy.
Available Benefits:
- Accidental Death and Dismemberment/Loss of Use
If the employee dies by accidental means, the full amount of the Accidental Death is paid. If he loses a limb or the use of this limb a percentage of the Accidental Death is payable.
- Optional Group Life
This is a group benefit to enhance the existing group life coverage.
- Group Critical Illness
This benefit offers protection against major critical illnesses. We offer this coverage with either 3, 11 or 13 illnesses.