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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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