We offer life insurance products as a supplement to the basic and optional group term insurance that most employees already have through their employer. These include universal life, whole life, and term life. Employees may purchase coverage on themselves, their spouses, and/or children.
In addition to the basic death benefit, these products usually include living benefits such as advance payouts of the death benefit for long-term care or terminal illness. Cash values build up at current interest rates (currently around 4%) on a tax-deferred basis. Premiums are typically level and may be guaranteed for life. An option may also be included to give employees the right to future increases in the death benefit regardless of health.
Lifetime benefit term is a unique and innovative new life insurance product that combines the lower premiums of term insurance with lifetime coverage and a level premium guaranteed to age 120. Premiums may be up to 40% less than whole life and 25% less than universal life. The product offers terminal illness and long-term care benefits in states where those benefits are approved.