Voluntary life coverage can help your clients’ employees take care of their family's current and future financial obligations, depending on the type of policy:
Term life coverage
Term life coverage offers protection for a specified period and builds no cash value. If the insured dies during the term, policy benefits are paid to beneficiaries. Products offer varying durations and benefit amounts, and often include embedded benefits for terminal illness and accidental death and dismemberment (AD&D). Coverage durations are annual renewable or "level" for periods such as 10 and 20 years, during which premiums stay the same. Coverage can be portable. Riders for the following types of coverage often are available:
Whole life coverage
Consisting of a permanent life coverage that protects the policyholder through his or her life, whole life premiums end at a predetermined age. Features include level premiums through the life of the policy and guaranteed renewable protection that can't be reduced. Accumulated cash values can be:
Whole life is sometimes considered a good estate planning tool because after the policy is paid up, it remains in force until death, and the proceeds can be distributed as appropriate.
Offer Humana Voluntary Benefits to your clients
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