As of 2016, Assurant offers employer-paid and employee-paid term life and accidental death and dismemberment group life insurance plans, according to Assurant. Employers' plan choices cover groups of three or more employees. Coverage options are in flat amounts, multiples of earnings, or both. Under employee-paid plans, insured employees can choose unit coverage in flat amounts, or multiples of earnings coverage. Neither option can exceed five times the employee's salary, and both offer matching accidental death and dismemberment coverage.
Employer-paid term life policies offer a variety of guarantee levels and disability benefits, notes Assurant. To help employees who suffer from medical conditions that threaten their lives, the policies feature an accelerated death benefit. Policy beneficiaries who need time to make financial decisions can draw funds from a special checking account. Optional features include accidental death and dismemberment coverage, including an automobile accident benefit and a higher education benefit. Additional contributory life insurance and dependent coverage are available.
For employee-paid term life insurance plans, at least 20 percent of the group or 10 lives must participate, whichever is greater, explains Assurant. Many groups receive a premium rate guaranteed for three years. Policies feature additional purchase options, disability benefits, accelerated benefits for terminal illness, portability to age 65 and conversion privileges. Employees must obtain coverage to purchase available spousal or child coverage.