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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.

Additional features  

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.

Offer employees permanent protection

Offer the flexibility of individual permanent life insurance to employees.

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1. Spousal coverage is offered on a modified guaranteed issue basis. Issuance of spousal coverage may depend on answers to health questions in the application.
2. Additional agreements may be available. Agreements may be subject to additional costs and restrictions. Agreements may not be available in all states or may exist under a different name in various states and may not be available in combination with other agreements. 
Our guaranteed issue program is based on the applicant meeting all the eligibility requirements, and does not guarantee that a policy will be issued.
Policy loans may create an adverse tax result in the event of a lapse or policy surrender, and will reduce both the surrender value and death benefit. 
This information should not be considered as tax or legal advice. Employees should consult their tax or legal advisor regarding their own tax or legal situation.
Life insurance products contain fees, such as mortality and expense charges, and may contain restrictions, such as surrender periods. Please keep in mind the primary reason to purchase a life insurance product is the death benefit. 
DOFU 11-2017
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