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Voluntary Life

Life is priceless. Maybe that's why life insurance can be a little expensive. But not with Companion Life. Our Voluntary Group Term Life Insurance plan is never out of reach for your clients' employees — whether their businesses are small or large.

Father and sons fishingThe Companion Choice Plus plan is for employee groups of all sizes. At least 10 employees or 25 percent of the group (whichever is greater) must enroll to include guaranteed issue of coverage, with the amounts depending upon the level of employee participation and group size. But what if your client is not sure how many employees will enroll for coverage? The program also offers up to $200,000 of Group Life insurance at the same low rates to as few as five enrollees, subject to evidence of insurability.

For added protection and value, you can include our Accidental Death and Dismemberment (AD&D) option. The insurance amount is equal to the Voluntary Life benefits the employees select for themselves and their covered spouses. AD&D benefit is selected at the group level.

This AD&D option includes these valuable benefits:

  • Seat belt provision — increased benefit by 50 percent
  • Common disaster provision — spouse benefit increased to equal employee coverage
  • Spouse education benefit — additional $3,000 for a year's study
  • Paralysis benefit — up to AD&D amount

Yes, life is priceless. But we can price a life insurance plan to fit employees' budgets — and with the benefits they need.

Employee Eligibility

Employees meeting all these requirements are eligible for coverage:

  • 30 days of continuous service with the employer
  • Full-time employment (i.e., working 30 or more hours per week)
  • Work 15 of the 20 working days prior to the effective date of coverage
  • Actively at work on the effective date of coverage
For more information, please contact us.