When you combine group term life (employer-paid) and voluntary term life (employee-paid) coverage, you offer an even broader range of protection for employees. Best of all, your employees have guaranteed coverage—meaning they can get up to a certain amount of life insurance without answering medical questions.
Our flexible life insurance lets you customize a package just right for your company. Here are a few highlights of our coverage.
Understanding group life insurance terms
Coverage is a set amount. For example, a flat $20,000 is a life insurance benefit of $20,000.
Percentage of salary
Coverage is a percentage of the employee’s salary. For example, an employee has a life insurance policy that is twice (or 200%) her salary. Her salary is $50,000, which means a life insurance benefit of $100,000.
Choose from a flat dollar amount and let employees elect a benefit that fits their needs and their budget by selecting a benefit that is a multiple of that dollar amount. For example, if you select a $20,000 increment, employees could purchase $20,000; $40,000; $60,000, etc.
Accidental Death & Dismemberment (AD&D)2
It’s no surprise. People have accidents every day. And, unfortunately, some of them are severe. Adding Accidental Death & Dismemberment coverage to group term life or voluntary term life provides your employees with even greater protection. A core benefit is paid for the loss of life, hands, feet, thumb and index finger, and vision as the result of an accident.
Extra features3—at no extra cost to you
Some of our group life insurance policies give employees access to extra services.
- Travel assistance: Helps employees ease some of the worries of traveling – whether in the U.S. or internationally.
- Will and legal document center: Lets employees create simple legal documents online.
- Identity theft kit: Allows employees to be proactive in protecting one of their most important assets—their identify.
- Beneficiary support: Helps those coping with the death of a loved one.
- Emotional health support line: Provides free access to licensed behavioral health clinicians who can provide emotional support, tips for healthy coping, and referrals to local resources.
I’m interested in Principal life insurance. What’s next?