Health Net Term Life Insurance
You want to offer your employees an attractive benefits package, including Group Term Life and Accidental Death & Dismemberment (AD&D). Health Net has created these two products that can be added to any other Health Net medical plan. With these supplemental coverage plans, you can help your group members prepare for any situation.
This life insurance package offers the convenience of working with dependable Health Net reps throughout the sale, administrative and claim processes. Health Net Life offers a full range of benefit schedules for small (2-50 eligible employees) and large (51+ eligible employees) employer groups.
Multiple of Salary: A life insurance benefit can be based on the amount of the employee's salary. This type of benefit schedule would typically provide a basic life amount of one year's salary, to a maximum benefit of $50,000.
Occupation/ Job Class: The group life benefit can be based on occupation or job title. For example, a class composed of corporate officers and managers could be insured for a basic life amount of $50,000. All other eligible employees in the company may be insured for a basic life amount of $25,000.
Dependent Life: Life insurance benefits can be provided for an eligible spouse and dependent children. This benefit can only be purchased as part of a basic group life policy, which includes the following High or Low Dependency options:
|Spouse - $5,000
||Spouse - $2,000
|Child - $2,000
||Child - $1,000
|Infant - $200
||Infant - $100
Group Life Plan Features
Waiver of Premium: A life benefit may be continued under certain circumstances, for example, a temporary layoff or leave of absence. Coverage may also be continued in accordance with the Family Medical Leave Act of 1993. Through this act, a qualified enrollee who has become totally disabled may continue coverage without payment of premium, while they remain totally disabled.
Accelerated Death Benefit: This benefit provides financial protection to the insured in time of need, while also protecting the beneficiary. Accelerated death benefits can be paid to an insured when the physician certifies a terminal illness. The accelerated benefit is a portion of the basic life insurance amount and is payable in a lump sum. The remaining portion is paid upon death to the insured's beneficiary.
Conversion Privilege: A conversion privilege commits the issuer of an insurance policy to renew for a set amount of time, regardless of changes in the insured's health. This provision is available to certain members whose coverage terminates due to reasons specified in the group's policy. This conversion does not require a physical exam or evidence of insurability. Coverage must be applied for, and the first premium must be paid within 31 days following the date of coverage determination.
Health Net Life Insurance Company is an affiliated company of Health Net. Health Net Life Insurance Company holds a Certificate of Authority in California and 32 other jurisdictions throughout the United States. We are committed to meeting the health and life insurance needs of organizational groups and insureds by delivering valuable, cost-effective benefit solutions.
Reinsurance for Group Life and AD&D benefits provided by Swiss Re Life and Health America, Inc., the largest life and health reinsurer in the world.
Swiss 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 rep for more info about group products.