Permanent life insurance protection for employees and their families
Permanent, individual whole life insurance gives employees another way to plan for the future. This product provides life insurance protection while offering the ability to accumulate and access cash value.
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.
Convenient for employers and employees
Permanent life insurance is easy to add to a benefits program and complements any employer-paid term life insurance already offered as a benefit.
All coverage on employees is guaranteed issue, which means no invasive medical testing or underwriting paperwork is required. Like traditional group insurance products, employees can pay premiums through convenient payroll deduction.
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
Accelerated death benefit agreement
Available for no additional charge. This benefit gives the owner access to a portion of the death benefit if the insured is diagnosed with a terminal illness.
Children’s term agreement
This benefit is available as an addition to any adult policy for additional premium.
Employees can add all of their children and the agreement can later be converted to a single-life permanent policy on each child without additional underwriting.