What this product can do for employers Employers can increase the value of their employee benefits program with individually- owned term life insurance that provides coverage for employees and their families. Employers can attract and retain the best employees when they offer benefits options that meet their employees' needs. Employers can provide a more comprehensive benefits program at no additional cost. Employers may use a term plan for key business needs, such as offering life insurance to a key employee or protecting a business loan. These plans will not replace any other existing life insurance plan included in their employee benefits program.
Employees can own large amounts of term life insurance coverage for relatively low premiums.
Employees can protect themselves and their families with the amount of coverage they need for the specific period of time they need it. In the event of an insured employee's premature death, the beneficiary can use the term insurance benefits to pay for final expenses, provide financial security, repay debts or fund a child's education. Important features Employers do not have to meet participation requirements to offer this plan. Employees may convert all or part of term insurance to permanent life insurance coverage with no additional underwriting. Employees' coverage is guaranteed renewable, and they may keep the coverage at the same premium rate if they change jobs or retire.