Voluntary Employee Benefits

Voluntary Employee Benefits

Below is a summary of voluntary insurance products that employers can make available to their employees through payroll deduction.*

Critical Illness Insurance:

 Today you are likely to survive a critical illness, but would your finances?

 Critical Illness Insurance covers expenses related to a critical illness that are not covered by your health insurance, such as mortgage payments and daily living costs, coinsurance and deductibles, and travel and lodging.

Based on a 10-year or 20-year term life policy with an Accelerated Benefit Rider, Critical Illness Insurance provides a lump-sum cash payment up to 100% of your life insurance benefit in the event you are diagnosed with a covered critical illness.

Critical Illness Insurance Highlights:

  • 16 covered conditions
  • Portable (keep your coverage even if you leave your current employer)
  • No medical exams (simplified underwriting)
  • Benefit amounts from $10,000 to $30,000
  • Spouse benefit amounts up to $30,000 without spouse’s signature
  • Children benefit amounts up to $20,000
  • Guaranteed to issue available
  • A death benefit is paid if a critical illness does not occur while the policy/rider is in force 

Workplace Disability Income:

 How would your finances be impacted if you suffered an off-the-job injury or sickness?

 EMC National Life’s Workplace Disability Income policy is designed to help protect employees’ most valuable asset–their paycheck. Disability coverage replaces a portion of income to help offset the financial losses that result when employees are unable to work due to an off-the-job injury or an off-the-job sickness. Benefits can be used to help cover everyday living expenses such as car payments, mortgage or rent, utility bills and other household expenses.

 

Disability Income Highlights:

  • Covers total and partial disability due to an off-the-job injury or sickness
  • Three industry classifications available (all employees within a group/account will have the same industry classification–rates are not based on individual job duties or occupation)
  • Monthly benefit amounts available in $100 increments up to $6,000 or 60% of earned income
  • Issue ages 18-65; unisex premium rates are age banded into three ranges: 18-49, 50-59 and 60-65
  • No Medical Exam (simplified underwriting)
  • Portable (you can keep your coverage even if you leave your current employer)

 

Workplace Term Life Insurance (policy form ELP240):

 It’s the cost-effective life insurance coverage you need.

Workplace Term Life (WTL) is designed to provide life insurance for a specified period to meet anticipated responsibilities. It is a good fit for those looking to cover their mortgage, auto loan(s) and credit card debt. WTL is also a great option for those looking for higher coverage amounts with lower premiums than permanent plans.

 

Workplace Term Life Highlights:

    • 10-, 20-, or 30-year term or term to age 65 life insurance product
    • Guaranteed premiums for initial term period
    • Level death benefit
    • Portable (keep your coverage even if you leave your current employer)
    • No medical exams (simplified underwriting)
    • Benefit amounts from $25,000 to $150,000 for employee coverage

 

Workplace Whole Life Insurance:

 Life changes. You need life insurance that won’t.

Workplace Whole Life (WWL) is designed to provide life insurance for lifetime protection. It is especially suitable for those seeking a final expense policy without extensive underwriting requirements.

Workplace Whole Life Highlights:

  • Traditional whole life insurance product
  • Guaranteed level premiums, guaranteed level death benefit and guaranteed cash values
  • Portable (keep your coverage even if you leave your current employer)
  • No medical exams (simplified underwriting)
  • Benefit amounts from $5,000 to $150,000 for employee coverage
  • Guaranteed to Issue available for employee coverage

Workplace Increasing Whole Life:

 Life moves fast. You need life insurance that can keep up.

Workplace Increasing Whole Life (WIWL) is designed to provide life insurance for lifetime protection and is a good option for those seeking a final expense policy without extensive underwriting requirements. It is especially suitable for those who require superior cash value accumulation.

Workplace Increasing Whole Life Highlights

  • Traditional whole life insurance product with a guaranteed increasing death benefit (by year 32, death benefit has doubled and remains level after that)
  • Guaranteed level premiums and guaranteed cash values
  • Portable (keep your coverage even if you leave your current employer)
  • No medical exams (simplified underwriting)
  • Benefit amounts from $5,000 to $150,000 for employee coverage
  • Guaranteed to Issue available for employee coverage 

Group Term Life Insurance :

 In order to recruit and retain the best people in the marketplace, many employers, including school districts, government entities and health care organizations, are recognizing the need to provide the most basic of coverage to employees – term life insurance. At the same time, employees are looking to their employers to offer this coverage as a benefit.

Group Term Life is an annual renewable term life insurance product designed for groups of 10 or more employees.

Group Term Life features the following:

  • Minimum death benefit: $10,000
  • Supplemental employee and dependent coverage available
  • Optional riders and benefits, including Waiver of Premium, Accelerated Death and Accidental Death and Dismemberment
  • Customization of the plan to fit each group’s needs
  • Coverage can be converted to an individual policy if an employee changes jobs

Group Disability Income Insurance

Our disability plans are available separately but coordinate perfectly for a complete disability income program. Disability Income Insurance is available on an employer-paid basis or an employee-paid voluntary basis.

      Group Long-Term Disability
  • Provides a monthly benefit to disabled employees following an elimination period
  • Benefits are provided for both occupational and non-occupational illness or injury

Group Short-Term Disability

  • Weekly benefits payable after an elimination period for up to 26 weeks
  • Benefits are provided for non-occupational illness or injury

* Not all products and riders are approved in all states. Complete product and rider details are contained in the respective policy forms for each product and may vary by
state.