Amalgamated Life Insurance Company, a leading provider of comprehensive insurance solutions, announced today its introduction of a new voluntary group level term life insurance product. Available in 10, 15 or 20 year terms, the product has many attractive features including: guaranteed issue for individuals up to age 65 with minimum participation based on group size; face amounts ranging from $5,000 to $300,000, but not to exceed five times an individual's annual employment income; and family coverage.
Because of its portability feature, insured individuals can take the coverage with them if they change jobs or retire.
Spouses can be added to the plan and covered by an amount equal to 50% of the insured worker’s policy face value up to a maximum death benefit of $150,000. Child coverage is also available up to $10,000 for eligible dependents up to age 26.
The product also offers an Accelerated Death Benefit Rider included at no extra premium cost. It allows for a portion of the policy’s death benefit to be paid before the death of the insured if diagnosed with a terminal illness with a life expectancy of no more than 12 months. Also available is an Accidental Death and Dismemberment Benefit Rider which provides optional coverage for an accidental death or dismemberment resulting from an accidental bodily injury incurred by the insured.
Amalgamated Life’s competitively priced voluntary group level term life insurance product is supported by the company’s award-winning customer service and responsive claims paying history. It is an excellent financial product to provide protection to workers and their families over a specific time period such as their working years or until their children are in college or living on their own.
Amalgamated Life’s voluntary group level term life insurance product is being rolled out across the nation and is already available in more than half the states.
Source: Company Press Release