Lincoln Financial Group, a provider of retirement-income solutions has launched Lincoln Employee Value Universal Life (UL) for employer benefit packages.
Lincoln Financial Group Group Protection president Rob Grubka said Lincoln Employee Value UL bring a permanent life insurance option to the Group market that will not lapse as long as premiums are paid, or increase in cost.
"Whether selected as a standalone option or as a compliment to existing term coverage, we believe the product offers employees tremendous opportunity to help secure their future," Grubka added.
The new solution enables employers to enrich their benefit packages with an employee-paid life insurance option offering the protection of guaranteed lifetime coverage.
Available in most states through the company’s network of independent benefit brokers, Lincoln Employee Value UL will help employees select up to $300,000 in benefit amounts.
The solution is offered with the multiple riders including Lincoln automatic assurance rider, accidental death benefit rider to help employees’ customise their coverage to meet their future plans.
Also included are accelerated benefits rider, children’s term rider, as well as disability waiver of monthly deductions benefit rider.
The policies are individually issued, and the coverage is guaranteed for life as long as sufficient premium is paid, even if the employee retires or changes jobs.