Group Term Life and AD&D Insurance - Lincoln Financial Group

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Group Term Life and AD&D Insurance - Lincoln Financial Group

Group Term Life and

AD&D Insurance

GLM-01206NY 3/07

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

and AD&D

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.

Standard Features:

• 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.

Optional Benefits:

• 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

continuation rights.

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

800.423.2765

www.LFG.com

Home Office:

Syracuse, NY

For use in New York only.

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