Why Offer Basic Term Life Insurance?
After medical and dental, the benefit employers want to offer most is life insurance. The demand for life insurance is understandable. According to a LIMRA International survey:
- Almost a quarter of U.S. households have no life insurance protection
- If the primary wage-earner died, about 22% of households admit they would immediately have trouble meeting everyday living expenses, and 26% would have difficulty only a few months after
Humana’s Small Group Basic Term Life Plans
Our group term life plans for 2-99 groups are level term insurance policies, so they offer protection for a specified period of time and pay a death benefit to the beneficiary. Term policies don’t accrue cash value. The AD&D benefit amount is the same as the basic life coverage selected.
Available coverage:
- Flat amounts in $1,000 increments
- Multiples of salary rounded to the next $1,000
- Class schedules: no more than 2.5 times between the classes, and 10 times between the highest and lowest class
- Minimum coverage is $15,000 for groups with fewer than 100 employees
- Maximum coverage is the lesser of six times annual salary or $1 million, combined with voluntary life coverage
Plan provisions:
- Guaranteed issue amounts with no medical underwriting for eligible employees, spouses, and dependent children
- Waiver of premium for employees who become disabled
- Guaranteed conversion to a whole life plan in certain circumstances
- Living benefit (accelerated death benefit) for employees diagnosed with a terminal illness
- Optional portability for voluntary life
- Optional coverage for riders, including a childcare and education benefit
Humana’s Large Group Basic Term Life Plans
Our group term life plans for 100+ groups are level term insurance policies, so they offer protection for a specified period of time and pay a death benefit to the beneficiary. Term policies don’t accrue cash value.
AD&D is included with basic group term life and may be purchased with voluntary group term life. AD&D is available to a spouse and child as long as employee has selected voluntary life.
Available coverage:
- Flat amounts in $1,000 increments
- Multiples of salary rounded to the next $1,000 (up to 7 x basic Annual earnings)
- Minimum coverage is $10,000 for groups with more than 100 employees
- Maximum coverage is the lesser of six times annual salary or $1 million, combined with voluntary life coverage
Optional benefits:
- Waiver of Premium – Premiums will be waived for an insured after total disability for six months commencing prior to his or her 60th birthday. Premiums will be waived until age 65.
- Accelerated Benefit for Terminal Illness – Benefit of 50% of basic group term insurance but not to exceed $250,000 will be paid upon proof of terminal illness.
Choose Humana For Great Service
We make life insurance coverage easy. If you offer Humana medical coverage, we can integrate life and other specialty plans, giving you and your employees a seamless experience. In addition, members receive excellent service when they have a claim. Humana’s specially trained staff handles every claim; there are no automated voice systems. They personally guide members through the process and help deliver money quickly. Claim forms are available electronically if families prefer.
When you offer Humana’s life insurance, you’re helping protect the finances of your employees’ families. But more importantly, you know that they’ll be taken care of properly.
Get a quote for Humana Basic Term Life
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