Group Term Life and
L i f e a n d A D & D L o n g - T e r m D i s a b i l i t y S h o r t - T e r m D i s a b i l i t y D e n t a l W o r k s i t e
Group Term Life
Many employees are the primary breadwinners for their
families. In essence, they rely on their employer for
financial stability. By providing life insurance through
Lincoln Financial Group employers can continue to help
provide financial support even in the event of the unthinkable.
AFFORDABLE RATES – INVALUABLE BENEFIT
Group term life insurance from Lincoln Financial is one of the most affordable
and invaluable benefits an employer can provide. By leveraging the buying
power of group rates, employers can help provide financial protection for
employees and their loved ones in the event of an unexpected tragedy. And,
when Accidental Death and Dismemberment (AD&D) is included, the plan
also covers severe accidental injury.
Forty-four percent of
all U.S. households (48
million) either don’t own life
insurance and believe they
should, or own life insurance
and believe they need more.
LIMRA International; Life
Insurance Ownership Study
As part of a comprehensive benefits package, group life insurance not only
provides for employees but also benefits employers. This coverage helps
attract and retain talented employees and may be a tax-deductible business
expense. There’s simply no logical reason not to provide this coverage. And
with the options provided by Lincoln Financial, an employer can create a
benefit package well suited to their needs.
A VARIETY OF OPTIONS
For groups of 10 or more employees, Lincoln Financial life insurance plans
can be customized to the needs of each employer and/or employee.
• Basic Life Insurance is payable in one lump sum or can be set up as an
Access Account. It’s up to the beneficiary’s preference. An Access Account
is essentially an interest-bearing checking account where the benefit is
held for the beneficiary. The beneficiary can then draw from the account
as they see fit.
• Dependent Coverage can be selected by employees for an additional fee.
The additional premium for dependent coverage is paid entirely, or in
part, by the employee through convenient payroll deduction.
• Waiver of Premium allows an employee’s life insurance (and dependent
life insurance, if applicable) to continue without payment of premium
if an employee becomes totally disabled before reaching age 60 and the
disability persists for at least six months.
• Accelerated Death Benefit allows a terminally ill employee to receive
an advance benefit payment. It’s paid in a lump sum once during the
insured’s lifetime and reduces the death benefit by the amount paid.
The policy details the procedure for determining the benefit payment.
Certain restrictions may apply.
• Accidental Death and Dismemberment (AD&D) provides for an
employee who sustains a covered accidental injury resulting in loss of
a hand, foot, limb, or eyesight. For any one of these losses, the benefit
pays one-half the principle sum. The full principle is paid for any
combination of two covered losses. The full sum is also paid (over and
above basic life coverage) if the accident results in a fatality. If riding in
an automobile when a seat belt is in use or airbag deployed, the benefit
paid can be up to 10% more than the principal sum ($1,000 minimum).
• With optional benefits
Continuation of Coverage (Portability) is an option that allows
employees to continue their life insurance and AD&D coverage for
a period of time after leaving employment for a reason other than
sickness, injury, or retirement as long as the employee maintains
premium payments and has been insured under the policy for at least
12 months. An employer can choose to cover the employee only or
include dependents. Continuation of Coverage will follow any statemandated
continuation or other continuation allowed under the policy’s
ADDITIONAL COVERAGE FOR ADDED PROTECTION
Many employees rely on their employer as their sole source for life insurance.
However, according to LIMRA International, 40% of U.S. households that
own life insurance feel the amount of insurance they have is inadequate.*
For those individuals, Lincoln Financial offers additional life insurance as an
employee-paid option through payroll deduction.
Optional group term life insurance is paid in addition to the basic life
coverage. The employee can elect coverage that is the same as the basic life
benefit, or select from several other options including a flat benefit amount or
one, two, or three times their salary.
BACKED BY THE BEST
Lincoln Financial group life insurance is underwritten by Lincoln Life &
Annuity Company of New York, a member of one of the nation’s top group
insurance organizations. With a solid record of financial strength along with
industry-leading innovations for service and support, Lincoln Financial
will be there for you and your employees when you need it most. Our
commitment to quality service means that claims are handled in a prompt,
courteous, and professional manner by highly trained and experienced
representatives with integrity you can trust.
available, the term life
insurance benefit can be
tailored for the unique needs
of employers and employees.
*LIMRA International; Life Insurance Ownership Study
Coverage is subject to exclusions, limitations and benefit reductions; please contact your
Lincoln Financial Group representative for more details or a quote.
THIS IS NOT A CONTRACT.
This brochure is not intended as a complete description of Lincoln Financial Group insurance
coverage. The controlling provisions are provided in the policy; and this brochure does not
modify those provisions or the insurance in any way.
Group insurance products are issued and underwritten by Lincoln Life & Annuity Company of New York,
a Lincoln Financial Group company. Lincoln Financial Group is the marketing name for Lincoln National
Corporation and its affiliates.
©2007 Lincoln National Corporation.
Service Office Address:
8801 Indian Hills Drive
Omaha, NE 68114
For use in New York only.