Basic Employee Life
Standard Eligibility
- Full-time employees actively working 30 hours per week
- Minimum of 20 lives
- 30 day waiting period for new hires
- No more than 30% of the group's employees are related family members
- Retiree volume is less than 10% of the total group
- Non-Contributory with 100% participation
- Contributory coverage is at least 50% employer paid and has at least 75% participation
Benefit Schedules
- Multiple of Salary, Flat Benefit Amount or a Combination
- Maximum benefit is the lesser of 3 x salary or $800,000, subject to group size and underwriting guidelines
- Guaranteed issue amounts available up to $600,000 subject to group size and underwriting guidelines
- Standard ADEA Age Reductions: The original face amount reduces to 65% at age 65, 45% at 70, 30% at 75, and 20% at age 80. (Other options are available)
Standard Provisions
Accelerated Death Benefit
If an employee is diagnosed as terminally ill with a life expectancy of 12 months or less, a lump sum payment up to 50% of the Basic Life benefit may be paid subject to a maximum of $100,000 and a minimum of $10,000.
Waiver of Premium
If an employee becomes totally disabled while insured and before age 60, coverage may be continued in force without payment of premiums. Disability must continue for at least the 9 month waiting period. The benefit terminates at age 65. Other options may be available.
Extension of Life Insurance
- Employer may elect this option in lieu of Waiver of Premium
- Benefits are continued for disabled employees without payment of premiums for 12, 18 or 24 months depending upon the employer's election.
Conversion Privilege
- Employees who lose coverage because they terminate their employment or move to a class that is not eligible for coverage may be eligible to convert their lost benefits to an individual policy without providing evidence of insurability.
For more complete information, please
contact
an HCC Life Insurance Company Representative.
Appointment Process
