Life Insurance

Understanding the different types of insurance policies

Group Life Insurance

• Group life insurance is a type of life insurance in which a single contract covers an entire group of people. Typically, the policyowner is an employer or an entity such as a labor organization, and the policy covers the employees or members of the group.

Accidental Death and Dismemberment

• In insurance, accidental death and dismemberment (AD&D) is a policy that pays benefits to the beneficiary if the cause of death is an accident. This is a limited form of life insurance which is generally less expensive.

Dependent Life Insurance

• Life and accidental death and dismemberment insurance can provide financial security for your beneficiaries in the event of your terminal illness or death. The Dependent Life Insurance Plan is a voluntary, employee-paid group term life insuranceplan in which you can elect coverage for your eligible dependents.

Payroll Deduction Permanent Life Insurance

• Permanent life insurance is easy to add to a benefits program and complements any employer-paid term life insurance already offered as a benefit. … Like traditional group insurance products, employees can pay premiums through convenient payroll deduction.

Voluntary Group Term Life Insurance

• Voluntary life insurance is a financial protection plan that provides a cash benefit to a beneficiary upon the death of the insured. Voluntary life insurance is an optional benefit offered by employers. The employee pays a monthly premium in exchange for the insurer’s guarantee of payment upon the insured’s death.

Travel Accidental Death and Dismemberment

• Travel Accidental Death & Dismemberment plans are similar to a life insurance policy, in that you would name a beneficiary upon purchasing your travel insurance. That person would receive the benefit in the event of your death or dismembering injury while you are traveling.

Group Universal Life Insurance

• A group universal life policy is universal life insurance offered to a group that is less expensive than what is typically offered to an individual. A group universal lifepolicy is most commonly purchased by businesses looking to provide life insurancecoverage for their employees.