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Term Life Insurance

If you want, you can offer employees a life insurance benefits package! And it includes both Group Term Life and Accidental Death & Dismemberment (AD&D). Health Net has built these two products that can be added to any Health Net medical plan. With these plans, you can help your employees prepare for any life event.

The package offers the ease of working with engaged Health Net representatives. They'll help guide you through each process, which includes:

  • Sales
  • Administration
  • Claims

Health Net Life Insurance Company offers a full range of benefit schedules. They're a good fit for both small (2-50) and large (51+) employer groups.

Multiple of salary. This benefit can be based on the amount of your employee's pay each year. This type of benefit can provide a basic life amount of one year's pay – with a maximum of $50,000.

Job/job class. The group life benefit can be based on job or job title. For instance, a group of corporate leaders could be insured for a basic life amount of $50,000. All other employees may be insured for a basic life amount of $25,000.

Dependent life. Benefits can be paid to a spouse and dependent children. It can only be purchased as part of a basic group life policy. 

Group life plan features

Waiver of premium. A life benefit may be continued for certain reasons. Examples include a short-term layoff or leave of absence. Coverage may also extend in keeping with the Family Medical Leave Act of 1993. This act allows a qualified enrollee, who has become totally disabled, to continue coverage. He or she does not have to pay a premium while being disabled.

Accelerated death benefit. This benefit provides financial safety to the insured in time of need. It also protects the beneficiary. It can be paid to an insured when a doctor confirms a terminal illness. The accelerated benefit is a part of the basic life insurance amount and is paid in a lump sum. The rest is paid to the insured's beneficiary once the insured passes away.

Conversion privilege. This commits the plan issuer to renew for a set amount of time. It doesn't matter if there are changes in the insured's health. It can be given to certain members whose coverage ends due to reasons detailed in the group's plan. It does not require a physical exam, nor does it need the insured to prove he or she qualifies. Coverage must be applied for. The first premium must be paid within 31 days from the date the coverage begins.

Health Net Life Insurance Company is an affiliate of Health Net. Health Net Life Insurance Company also holds a Certificate of Authority in California and 32 other jurisdictions throughout the United States.

Health Net is intent on meeting the life insurance needs of groups and insureds. We provide valued, cost-saving benefit solutions.

Reinsurance for Group Life and AD&D benefits is given by Swiss Re1 Life and Health America, Inc., one of the largest life and health reinsurers in the world.

1Swiss Re has more than $18 billion of Group Life volume in force and has earned an "A" rating from A.M. Best. Contact a Health Net representative for more information about group products.

Last Updated: 06/26/2020