Adding more value to existing coverage
Voluntary group accidental death and dismemberment (AD&D) insurance is a simple way for employees to supplement their life insurance coverage with additional protection if they or a family member dies or is dismembered as a result of a covered accident.
For employers, group AD&D is an easy benefit to administer and can add significant value to a comprehensive employee benefits program at a low cost.
Why offer voluntary AD&D insurance?
Adding a voluntary group AD&D insurance plan to existing employee benefit packages is something employees are demanding.
As of 2015, 85 percent of U.S. companies offer AD&D insurance to their employees.1 This trend has continued to rise over the past three years, and is an important benefit in financial wellness programs.
Accidents are the fourth leading cause of death in the United States2
Significant cost savings for employers and employees
Basic Life Premium reduction, Optional Life Premium reduction
More than half (51%) of U.S. employees report not having enough emergency savings for unexpected expenses as their top financial concern3
AD&D coverage provides employees with an additional layer of financial protection allowing them to adequately purchase enough combined Life and AD&D coverage) to protect their family’s financial future.
How voluntary group AD&D insurance works
Voluntary group AD&D insurance provides additional financial protection if an insured’s death or dismemberment is due to a covered accident, whether it occurs at work or elsewhere.
What does voluntary group AD&D insurance cover?
Voluntary group AD&D plans can be added to a benefit package in a variety of ways.
- Basic AD&D is employer-paid coverage, which provides an accidental death benefit often equal to an employee’s basic term life insurance amount.
- Voluntary/Supplemental AD&D offered as employee-paid coverage can be tied to supplemental life insurance coverage or as a separate, stand-alone election.
- Dependent AD&D insurance is an employee-paid coverage that provides spouses and children with additional protection.
Business travel accident (BTA)
Available as a rider to a term life policy or as an additional AD&D benefit, business travel accident provides a lump-sum payment if an insured employee dies or is injured from a covered accident while traveling for business.