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Products & Services
Voluntary Group Products*
With voluntary group products, small
businesses can provide employees the opportunity to purchase additional coverage
at group
rates
to
meet their
individual
needs.
How It Works
If employees choose to purchase voluntary insurance, they pay the
full cost of the premiums, which the employer deducts from their paychecks.
Employers can choose to offer their employees the following products on a voluntary
basis:
- Term life. Employees can purchase additional term life insurance
at group rates for themselves or their spouses, with benefit amounts up
to
$500,000. Term life insurance coverage is also available for children.
No minimum participation requirements.
- Accidental death and dismemberment. This insurance provides
a lump sum benefit paid for a death or dismemberment due to accident only.
Plans offer
24-hour protection on or off the job, with benefits ranging from $10,000
to $500,000. Individual or family plans are available. No
minimum participation requirements.
- Short-term disability. This coverage
provides monthly benefits to replace income lost due to disability, with
a choice of six plan designs and benefit amounts up
to 60 percent of covered wages. No minimum participation requirements. Available
on a stand-alone basis.
- Long-term disability. This
coverage provides monthly benefits to replace income lost due to disability.
Four plans are available, with benefits beginning after 90 or
180 days and benefit amounts up to 60 percent of covered wages. Long-term
disability plans
require
a two-employee
minimum
participation. Available on a stand-alone basis.
- Dental plans. This insurance allows employees to purchase comprehensive
dental coverage at group rates, with a choice of two benefit plans and
three coverage levels. Dental plans require a two-employee minimum participation.
Key Selling Points
- Greater employee choice and control. Employees have the ability to
purchase the insurance products that meet their individual needs at competitive
group rates.
- Enhanced benefits package. Voluntary group products allow small
businesses to offer employees valued coverage without incurring the cost of
the benefits.
* Products underwritten by Fort Dearborn Life Insurance Company
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