Voluntary Term Life and AD&D Insurance - Mutual of Omaha

United of Omaha Life Insurance Company
Voluntary Term Life
and AD&D Insurance
The average life insurance need is about $459,000, but the average amount owned is $126,000.
The average underinsurance is more than $300,000.
FastFacts, LIMRA International, 2004
As employees continue to look to the
workplace for their insurance coverage,
employers need a cost-effective way to
provide complete benefits packages.
Voluntary term life insurance allows
employers to offer valuable life insurance
coverage with no cost to the company.
The Most Wanted Employee Benefit
Life insurance. It’s one of the most sought after employee
benefits, according to research from Eastbridge
Consulting. As employees look to the workplace for
coverage, many benefit managers feel the pressure of
balancing employee expectations with rising benefit
costs. That’s why United of Omaha Life Insurance
Company, a Mutual of Omaha company, offers
voluntary term life insurance, a high-demand product
that is paid for by employees through payroll deduction.
We’ve created flexible plan designs and eliminated
the headaches of cumbersome administrative tasks
and difficult enrollments. With voluntary term life
insurance, employees have the freedom to select levels
of coverage to help protect their family’s well-being,
future endeavors and current standard of living.
Useful services such as payroll deduction and online
resources make this insurance a convenient, appealing
option. Employees get the coverage they want and
employers manage their benefits spending.
Flexible Features and Options
Voluntary term life insurance offers many useful
features, with options benefit managers can match to
the needs of their employees:
• Liberal benefit maximums and guaranteed issue
amounts – variety of options from $10,000 to $500,000
• Waiver of premium – flexible designs for
elimination, termination and disability definitions
• Living care benefit – broad range of options from
25 to 80 percent and $25,000 to $500,000
• Dependent coverage – coverage for spouse and
dependent children
• Portability – options for both employee and spouse
to easily maintain the features and benefits of
their current coverage when employment ends;
ported coverage does not terminate when master
policy terminates
• Conversion – option to convert to an individual
whole life policy
• Total Access Benefit Services – a secured, interestbearing
checking account for beneficiaries*
• Grief and healing support – information to help
beneficiaries cope with the loss of a loved one
Custom Benefit Designs
Optional benefits for a custom package:
• Accidental death & dismemberment (AD&D)
– standard AD&D benefits, as well as several
additional benefits available individually or
packaged into unique suites (including travel,
family and catastrophe)
• Travel Assistance – help during emergencies
away from home
• Employee Assistance Program – Basic and
Comprehensive plans available
• Annual increase allowance – annual coverage
increase of $10,000 without evidence of insurability
*Available for benefit amounts of $10,000 or more
MUGC8176

Increase Participation with
Comprehensive Enrollment Support
Mutual of Omaha makes the enrollment process
simple and straightforward with uncomplicated
forms and minimal underwriting guidelines. In
addition, customers have access to professional
enrollment resources, including:
• Customized employee kits
• Award-winning videos
• Decision support tools
• Bilingual enrollment specialists
We value the importance of educating employees
about the need for insurance and increasing plan
participation. Depending on group size and coverages
offered, an enrollment team is available to help manage
the enrollment process and give employees one-on-one
attention, making the process convenient and hassle-free.
Enrollment specialists are able to lead meetings in both
English and Spanish.
Accidental Death & Dismemberment (AD&D) Benefits
For a more complete voluntary term life insurance
package, employers may choose to include accidental
death & dismemberment coverage* for their employees.
Additional AD&D benefits may be mixed and matched
individually or packaged in suites depending on the
employer’s needs, and are paid in addition to the
standard AD&D benefits.
Travel Suite
• Seatbelt benefit
• Airbag benefit
• Common carrier
• Repatriation
Catastrophe Suite
• Paralysis
• Home alteration
• Coma
• Hospital confinement
• Felonious assault
Family Suite
• Spouse education
• Child education
• Child care center
• Continuation of coverage
* The AD&D benefit is paid if an employee is injured as a
result of an accident, and that injury is independent of
sickness and all other causes.
Only 61 percent of adult Americans have life
insurance protection, a decline from 70 percent
in 1984.
FastFacts, LIMRA International, 2004
Guaranteed Issue Amounts Offer Flexibility
Guaranteed issue amounts are matched to the size
of the employer’s workforce and the percent of
employees enrolled in the plan.
Number of
employees
20 to 24 percent
of employees
enrolled
25+ percent
of employees
enrolled
10 to 99 $25,000 $50,000
100 to 249 $50,000 $100,000
250 to 999 $75,000 $150,000
1,000 to 4,999 $100,000 $200,000
5,000+ $150,000 $300,000
Helpful Online Services
Online tools and resources provide benefit managers
immediate access to the information they need.
Services include:
• Plan administration and reporting tools
• Plan management reports and bills
• Employee enrollment tools
Eligibility Requirements
• Minimum enrollment of 10 employees
or 25 percent of eligible employees,
whichever is greater
• All active, full-time employees working
30 or more hours per week
• Lawful spouse, and dependent children
from 14 days to 21 years; 25 years if a
full-time student
This insurance plan overview is not intended to provide a complete description of the
voluntary benefit coverage. Benefits may not be available in all states. Some exclusions,
limitations and reductions may apply. Please contact your Mutual of Omaha representative
for specific product details and policy provisions.
Voluntary term life and accidental death & dismemberment insurance is underwritten by
United of Omaha Life Insurance Company, Mutual of Omaha Plaza, Omaha, NE 68175.
United of Omaha Life Insurance Company is licensed in every state except New York.
Voluntary Term Life Insurance Policy Form Number: 7000GM-C-EZ 2001
Accidental Death & Dismemberment Insurance Policy Form Number: 7000GM-M-EZ 2001