Employee Basic Term Life

Basic group term life insurance is a core employer-paid benefit that helps demonstrate your concern for employees’ financial stability and that of their family. AD&D may be included in your life insurance policy.

With HumanaLife, you can offer these benefits without increasing your benefits budget significantly. For groups with two or more eligible employees, the minimum employer contribution is 50 percent of premium.

These plans are available as a stand-alone or in conjunction with medical and dental plans.

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.

To get a quote,

contact our sales team

Focus Newsletter

For 100+ group Benefits Administrators. Get the latest news about consumerism and other health benefits trends.

Read the newsletter

Find out more about Humana Life Insurance

With Humana, you have a choice of competitively priced group term life insurance with simple plan designs.

Get a quote online