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The Prudential Insurance Company of America's Group Optional Term Life insurance gives your employees the opportunity to supplement their basic term life coverage at no cost to you.
Our portfolio of Optional Term Life insurance policies and supporting services is easy to administer and can change as your company's needs change.
Key Features
- Broad availability. Our policies are available to groups with at least 50 employees or members.
- Turnkey enrollment solutions. To ensure that employers and employees maximize the potential of an Optional Term Life policy, we have created a variety of enrollment services. This can include on-site enrollers who explain a policy in-person to employees. And we offer "personalized" enrollment, where each employee receives an enrollment package presenting his or her own personal options and costs.
- Flexible policy designs. We offer flat dollar policies, policies tied to multiples of salary, policies in increments of $10,000, and policies tied to positions or classes. Often, these approaches can be combined for maximum flexibility.
- Waiver of premium. Available upon request at an additional cost, this option pays life premiums for those who are disabled, allowing them to keep coverage without financial burden.
- Living Benefit Option. Under Prudential's Living Benefit Option, terminally ill employees with a limited life expectancy receive part of their Optional Term Life benefit (to a certain maximum) while they are still living. The employee can spend the money any way they like, and their beneficiaries will receive the remainder of their benefit as standard death benefit. Terminally ill is normally defined as having a limited life expectancy of six months or less (in some states up to 24 months).1
- Portability. Employees can retain coverage after leaving employment. This feature is available without additional charge at group rates for employers with 100 or more workers.2
Benefits to You
- You can offer this additional benefit to your employees at no cost to you.
- Offering this valuable benefits plan promotes employee goodwill.
- Our two levels of administrative services on selected plans make offering Optional Term Life easy. We offer:
- Roster Billing: Each month, Prudential provides a list of covered employees and coverage amounts, which you update with any changes.
- Full Service: This offers the advantages of Roster Billing, Beneficiary Services, and more. Prudential updates and stores all employee coverage information, instead of you, and typically handles all transactions and generates billing.
Benefits to Your Employees
- It's convenient.
- It's cost effective.
- There are no medical questions for guaranteed issue amounts.
- Coverage may be continued when an employee leaves the group.
- Employees may be able to convert group coverage to individual coverage.
- If an employee becomes disabled, we'll waive the premium.
- If an employee becomes terminally ill, we can help meet immediate needs with the Accelerated Benefits Option.
Limitations and Exclusions
Optional Term Life coverage is subject to certain limitations and exclusions. Please consult the standard product brochure for details.
Reductions Due to Age
Optional Term Life coverage may be reduced at certain ages. Such reductions will be expressed as a percentage of your coverage prior to the age reduction. Please consult the standard product brochure for details.
Effective Date of Coverage
Generally, Optional Term Life coverage begins on the first day an employee is eligible, has satisfied any medical evidence requirements, and is actively at work.
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