Group Life Insurance
Product
A group life insurance policy pays a death benefit if the insured person dies during the term of the policy. A group life policy is typically issued to the plan sponsor which may be the policyholder’s employer, union or other association.
A group life insurance policy is a death benefit under Assuris protection.
Assuris Protection
If your life and health insurance company fails, Assuris will ensure that the coverage under your group life policy will continue until the earlier of:
- The next renewal date for your group contract, or
- Six months from the date of failure of the member company.
Assuris guarantees that you will retain up to $1,000,000 or 90% of your death benefit, whichever is higher.
Example 1
Death benefit
$750,000
Original benefit amount
Since your death benefit is less than $1,000,000, you will retain your full benefit amount.
$750,000
Protected benefit amount
Example 2
Death benefit
$1,500,000
Original benefit amount
Since your death benefit is more than $1,000,000, you will retain 90% of your benefit amount.
$1,350,000
($1,500,000 × 90%)
Adjusted benefit amount
If your life insurance has associate benefits and riders, click here.
