Colonial Life has launched a new group term life product that
aims to gives employees an affordable way to purchase coverage.
Among its features, the product includes no health questions and
confidential employee assistance.
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Policyholders can also use an accelerated death benefit to help
offset the expenses associated with a terminal illness. A
covered person diagnosed with a terminal illness can receive up to
75 percent of the death benefit of the policy, up to a maximum of
$150,000.
Finally, coverage under most policies can be converted to whole
life coverage if employees leave their jobs, according to Colonial
Life.
Jeffrey Koll, assistant vice president for life and disability
product development at Colonial Life, noted that 41 percent of
adults in the US do not have life insurance, with a further 43
percent of individuals lacking enough life insurance coverage.
Koll said: “This new group term life product gives employers a
lower-cost option their employees can use to protect their
families.”
