Group Life Insurance
Additional Features of Group Life Insurance from Sun Life Financial
Many Group Life Insurance plans include several valuable features like the ones described below. Ask your employer or check your employee benefits booklet to see which features are included in your plan.
Guaranteed Coverage Amount
If your plan includes a Guaranteed Issue amount, when you enroll during you plan's regular enrollment period, you would be guaranteed a certain amount of coverage without having to provide Evidence of Insurability (EOI).
Continuation of Coverage: If Unable to Work, Premium Is Waived
Plans that include a Waiver of Premium provision help ensure that plan members who become disabled and are no longer able to work can qualify to have their premiums waived. That means even when they are unable to work, they still would have life insurance coverage. To learn more about your plan's definition of disability, check your employee benefits plan booklet.
Accelerated Benefits -- Access to Money When It Is Needed the Most
If you become terminally ill, with 12 months or less to live, you may be eligible to receive a portion of your life insurance benefit right now. Most Group Life Insurance plans include the Accelerated Benefits provision. There are no restrictions on how this money can be spent. Benefits may vary by state and are subject to a maximum amount.
Portability and Conversion: Coverage You Take with You
If your Group Life Insurance plan includes Portability and your employment ends, you may be eligible to apply for portable life coverage. The Portability option allows you to keep the same amount of coverage at group rates. Evidence of insurability may be required to port coverage. The Conversion option allows you to purchase an individual life insurance policy to replace your Group Life coverage. No evidence of insurability is required. To learn more about Portability and Conversion, check your plan booklet.
Guaranteed Access to Benefits -- Making Things Easier for Beneficiaries
To help relieve the stress of making financial decisions immediately following the loss of a loved one, we can set up a benefits checking account that earns interest at competitive rates, and send a checkbook to the beneficiary. For instant access to the money, all a beneficiary has to do is write a check.
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