Why offer employees individual permanent life insurance?
Beyond the death benefit, permanent life insurance offered through an employer brings another financial tool to employees that allows them to build cash value.
Individual permanent life insurance coverage can be customized to employees’ unique needs and the protection travels with employees throughout their life and career. Customizable product features can include coverage amounts and dependent coverage agreements.
- Guaranteed issue
- Convenient, automatic premium payments via payroll deduction
- A streamlined application process through an online enrollment platform
- Easily add coverage for spouse or dependents with guaranteed issue
How employee permanent life insurance works
Securian’s permanent life insurance product is a whole life insurance policy that is issued individually to employees on a guaranteed basis and provides a death benefit payable to the beneficiary.
The product also builds cash value that may be accessed during the life of the insured, which provides living benefits like tax-deferred growth on the cash value, as well as the ability for employees to take policy loans and withdrawals from their accumulated cash value.
What does employee permanent life insurance cover?
Permanent life insurance coverage is available for employees to elect on an individual basis. When the employee elects coverage, spouse and dependent children can also be offered access to coverage.1
There is no minimum participation requirement and no benefit waiting period for employees.
The following optional agreements are available:2