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Life/Accidental Death & Dismemberment

People at a meetingGroup Term Life and AD&D is one of the most important and best values of all employee benefits. For many employees, group term life insurance is the only life insurance they have.

Companion Life's Group Term Life and AD&D program offers two different plan designs. Employers can choose a flat amount plan, in which all employees receive flat amounts of Life and AD&D. The Flat Amount chosen must be in $5,000 increments from $10,000 to $100,000

Or, employers can purchase a Class Plan. All employees must be placed in a clearly defined class according to condition of employment. The life amount for the highest class cannot exceed $100,000 and cannot be more than two and a half times the life amount for the next lower class. Amounts must be in increments of $10,000 only.

AD&D benefits equal the amount of life benefits. We pay the full AD&D benefit for these losses that are the result of an accident:

  • Loss of life
  • Loss of both hands or both feet
  • Loss of sight in both eyes
  • Loss of a hand and a foot
  • Loss of a hand or a foot and the sight in one eye

We pay half of the AD&D benefit for these losses resulting from an accident:

  • Loss of a hand
  • Loss of a foot
  • Loss of sight in one eye

Benefits for Life and AD&D reduce 35 percent at age 65 and end at age 70 or retirement, whichever comes first.

Employer eligibility:

  • Two to nine eligible employees
  • No more than 50 percent of the group related by blood or marriage, unless special consideration is given by Underwriting
  • In business for at least one year

To learn more about Life/Accidental Death & Dismemberment plans, please contact us.