whole life supplemental benefits
In the case of the loss of a loved one, everything changes. Replacing income, affording burial arrangements, or supporting educational needs for children are just a few reasons to consider group rate life insurance.
whole life supplemental benefits for every life event
With Group Whole Life Insurance from Allstate Benefits, you get simplified and straightforward coverage. You decide how much coverage and who to cover. You get guaranteed rates for the life of the policy and a guaranteed death benefit to be paid to your beneficiaries. As the policy builds cash value, you can achieve your financial goals or borrow against it should you need to.
It is an event-based (death of insured) coverage which requires proof of loss of life. It is designed to pay a predetermined lump sum benefit to the beneficiary of the insured upon satisfactory proof of the insured’s death. The employer determines the contract parameters meaning that the benefit amount may be a multiple of the employee’s yearly salary or a flat amount for all employees.
A beneficiary is the person that the insured designates to receive the life insurance benefit in the event of the insured’s death. This designation must be in writing. In the event that no beneficiary is designated, benefits will be paid to the insured’s estate.
Yes. The employer may choose to add an optional Accidental Death & Dismemberment (AD&D) benefit to the Term Life coverage. When elected by the employer, the amount of AD&D coverage is equal to the amount of life coverage for each insured person for loss of life and certain types of dismemberment. The AD&D benefit pays in addition to the life insurance benefit. Not all policies may have this benefit. Some exclusions may apply.
Accidental death means that the death of the insured was caused by an unforeseen set of circumstances which resulted in an accident and subsequent death of the insured. In other words, death was not a result of natural causes. Dismemberment refers to the loss of the hand(s), foot or feet, and eye(s). A separate schedule of benefits is established for
losses associated with dismemberment.
Upon satisfactory proof of loss (life, appendage or sight), a benefit will be paid to the beneficiary (or estate) of the insured, or to the insured in the appropriate benefit amount contingent upon the type of loss incurred.