Your proposed group insurance plann
Normal insurance company will evaluate the possibilityof offering you a group insurance fee.This brochure and the workers’ compensation proposal togetherdescribe the main features of your proposed insurance plan.These documents are not a contract.Group Life Insurance AuthorizationThe Standard requires you to fill out and sign an applicationfor group life insurance and be approved. Ifwe approve your request, we will provide you with a group policythat includes the standard language. It does not copythe language of your existing policies.Your standard group policy contains provisionsand defined terms that are not described in this brochure oryour employee proposal. If there is a conflict between the Group Policy, the Employee Benefits Proposaland this brochure, your Group Policy will control.Your Group Policy will take effect on a standarddate that is clearly statedin your policy. We will also provide you with certificates of insurancewhich detail the insurance coverage and you can present them to yourasured employees.The additional price and plan offered to your groupLife Insurance, Voluntary Life, Supplemental Animals, AccidentalDeath and Decay (AD&D), Supplemental Organ andDependent Life Insurance, if selected, are based on theadditional information, that we receive from you. We determinefinal premiums and plan reserves based on:
• state law
• owner fees
• professional certification
• composition of the group of workers youwant to insure
• our current insurance policies rules and policiesOffer expires after employeethe date specified in your compensation offer. If you have questions or need additional informationthat is not found in the workers’ compensation proposal,please contact your insurance advisor or your regional workers’ compensation sales and service office.Thank you for considering The Standard for your group life insurance needs. Group life and disability is our core business. This level of centralized expertise means webetter understand your needs and the strengths of our staffcan work harder to achieve your goals. With toolsdesigned to reduce workload and a proactiveapproach, you can maintain a more productive andefficient workplace, so we’re ready to work with youfor the long term.
Creating an Employee Benefits Program
Standard group life insurance offers youthe ability to protect your employees and theirfamilies against financial hardship in the event of death. Itincludes competitive features, various packagesand familiar terms. Compensation schedules canbe based on flat amounts, multiples of salary, oremployee classifications.For increased financial security, you cancombine group life insurance with Accidental Deathand Disintegration (AD&D) and dependent life insurance.11 Dependent life insurance can cover a civil union or achild of a civil. union . Eligibility not available in all states. Contact yourStandard Insurance Company sales representative for more information.Standardi also offers payment-basedplans, voluntary work and supplementary pension as beneficialoptions for the needs of employersand employees.
Group Life Insurance Benefits and Additional Features
Accelerated Benefit
an employee experiences a terminalillness, a standard accelerated benefitcan ease financial worries during difficult times.Standard usually includes an accelerateddiscount on all group life policies thatinclude a waiver. Thiswill provide workers with terminal illnessesan early portion of their life insurance benefits.Employees receive up to 75 percent of their life insurance benefits,but not more than $500,000,as a lump sum. The minimum acceleratedbenefit amount is $5,000 or 10 percent of the insured employee’s insurance benefit, whichever is greater.To receive accelerated benefits, an eligibleemployee must qualify for a premium waiver andprovide satisfactory proof of a qualifying illnessreasonably likely to cause death within 12 months. If the waiver endsat a certain age, a request for an accelerated benefitmust be made at least 24 months before reaching that age.After the accelerated benefitis paid, interestapplies to the remaining life insurance benefits. At least 10 percent of the life insuranceis paid to the beneficiary, even if the intereston the accelerated amounthas used up the remaining benefits over time. If insuredemployees surrender their group life insurancerights, the 10 percent minimum benefitdoes not apply.Eligible workers can use the money tomaintain their mental and financial quality of lifeduring a difficult situation. However, accelerated compensation may beassessable and receiving it may affecteligibility for public assistance programs.
Premium Waiver
Premium Waiver allows eligible workers tocontinue their life, supplemental pension,supplemental life insurance and dependent life insurancewithout premiums if they become totallydisabled. The insurance sum increasing from the insurance premiumcorresponds to the life,additional animal, additional pension and dependent life insurance schedules, including discounts..
Policy portability
Policy portability provides convenient group life insurance for eligible employees whentheir employment ends. Depending on staterequirements, your plan may include one of the followingconditions:22 Contact your workers’ compensation sales and service representativeabout having a policy available. Policy portability is not available in all states.Buy PortabilityLife Insurance (True Portability Option)33 Not available in Alaska, Maine, Michigan, Minnesota, SouthDakota, Vermont and Washington.This portable policyis automatically included at no additional cost in all new group life insurance policies offered in the standard,including ADjaD, dependentlife or dependent ADjaD coverage. This provisiongives eligible employees the option to purchasegroup insuranceup to the applicable group life insurance under the minimum andmaximum amounts, withoutproof of insurance. If transferable sums of insurance are accepted,they will remain in effect until premiums are paid,regardless of whether the group life insuranceterminates by default. Portable coverage \does not end due to age, but age discounts apply.All AD and D coverage purchased with portable group life insurance expires at age 75.To receive this coverageon the date of termination, employees must:44 These eligibility requirements do not apply in Massachusetts .
• be under the age of 75 years
• be continuously insured with group insuranceor according to a previous plan for at least 12 consecutive months
• be able to perform with reasonable continuity the material duties of at least one paid person in the profession of the employee for whom they are suitable for training, based on educationn and experience.
Conversion to Individual Life Insurance
The right to convert is another life insuranceoption for eligible employees when their group life insuranceends or is reduced for reasons other thanpayment. Under this provision, eligible employeesmay convert their group life insurance policies,including any supplemental life insurance policies, supplemental life insurance policies, anddependent life insurance policies, to any type of individuallife insurance policy. . policies without having to provideproof of insurance. The employee must request arecalculation and pay the required premium within 31 daysof termination or reduction of group coverage. ADjaD protectioncannot be converted with this setting..
Contact your workers’ compensation sales and service representativeabout insurance portability. Policy portability is not available in all states.Buy PortabilityLife Insurance (True Portability Option)33 Not available in Alaska, Maine, Michigan, Minnesota, SouthDakota, Vermont and Washington.This portable policyis automatically included at no extra charge in all newgroup life insurance policies offered by Standard, including ADjaD, DependentLife or Dependent ADjaD insurance, if applicable. This provisiongives eligible employees the option to purchasegroup insuranceup to the applicable group life insurance under the minimum andmaximum amounts, withoutproof of insurance. If transferable sums of insurance are accepted,they will remain in effect until premiums are paid,regardless of whether the group life insuranceterminates by default. Portable coverage \does not end due to age, but age discounts apply.All AD and D coverage purchased with portable group life insurance expires at age 75.To receive this coverageon the date of termination, employees must:44 These eligibility requirements do not apply in Massachusetts . .
• be under 75 years old
• be continuously insured on the basis of group insuranceor on the basis of a previous plan for at least 12 consecutive months
• be able to fulfill the material duties of at least one paid person with reasonable continuity in the profession of the employeewhose training, educationand based on experience.Continuing Insurance(24 Month Portability)55 Available only in Alaska, Maine, Michigan, Minnesota, SouthDakota, Vermont and Washington..
Withdrawal Promise
Standard usually includes a withdrawal benefitwith every group life insurance policy. This provides anadditional benefit to help cover the cost of transporting the body of an eligible deceasedemployee. If the place of death ismore than 200 miles from the employee’s primary residence,Standard will help pay for the return of the body to a mortuary nearthe deceased’s home. Standardwill reimburse actual expenses up to $5,000 or 10percent of the life insurance benefit, whichever is less..
Standard Safe Access
Life insurance proceeds of $25,000 or more in accepted claimsare deposited into a checking account with interest. A Standard Secure Access accountopens once your claim is approved and startsearning interest immediately. The recipient receives acheckbook that can be used to write draftsfor any purpose in the amount of at least $250. There are noservice or maintenance fees or charges. Detailedmonthly information will be provided to the beneficiary.Professional help and information is available at thetoll free customer service number.
Travel Assistance
This feature helps provide peace of mind for employeestraveling more than 100 miles from homeor on overseas trips of up to 180 days. Travel assistancehelps employees respond to medicaland other emergencies and is automatically includedin all group life insurance policies.7.
Toolkit of Life Services
Toolkit of Life Services offers a wealth of resourcesonline to help people make important life decisionsfrom estate planning, funeral arrangements andgrief management, as well as 24/7 phone support andeven a few face-to-face meetings for beneficiaries.The Life Services Kit is automatically included in Standard life insurance plansfor groups of all sizes.1010 The Life Services Kit is offered under contractwith a service provider not affiliated to the Standard.The Life Services Kit is not an insurance product.Highlights include:
• Services for Insured Employees: Access to onlineinformation and legal forms they can accessanytime, including online test preparation, otherestate planning, and resources to help withpersonal matters . in economic matters.
• Services for beneficiaries and recipients of expedited benefits: access to face-to-face bereavement counseling, funeral planning resources, legalassistance, financial experts and other support services. Services are available for 12 months after the date of death for lifetime beneficiaries andafter the date of claim payment for accelerated beneficiaries. Not available to beneficiaries who areminors or non-individual entities such as trusts,estates or charities.Major Group Life Insurance RulesGroup Life Insurance ExclusionsThis plan may include an exclusion for death,suicide or other intentional self-inflicted harm,if sane or For New Jersey residents, “crazy” does not apply.The amount payable on demanddoes not include amounts that have not been outstanding for at least two years on the date of death.Group Life Insurance DiscountsTypically, insurance benefits are reduced to apercentage of the original amountbased on reaching a certain age..