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.
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:
Assuris guarantees that you will retain up to $1,000,000 or 90% of your death benefit, whichever is higher.
$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
$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
($1,150,000 × 90%)
Adjusted benefit amount
If your life insurance has associate benefits and riders, click here.