What does it do?
Help your employees feel secure in knowing that in the event of their death, financial support can be made available. The lump sum payout allows the family to help cover funeral costs and any outstanding debts they may have.
How will it benefit my employees?
The amount of insurance in effect on the date of the employee’s death is paid to their designated beneficiary in the event of death.
How does it work?
The amount of life insurance needed will depend on your employees’ personal circumstances, such as financial commitments and any personal insurance policies they may have.
Your employees can designate a beneficiary(ies) and insurance money will be paid to that person(s) if they die. If they don’t designate a beneficiary, or if the beneficiary is not alive at the time of their death, the payment will be made to their estate.
More details
Includes waiver of the life premium if the employee becomes disabled, after a 6-month waiting period.
A benefit period is the length of time after the waiting period during which the employee is continuously disabled. A benefit period will not continue past an employee’s 65th birthday.
Coverage continues up to age 71. The amount of life insurance reduces by 50% at age 65.