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Group Life Insurance
Business owners in today’s competitive job market recognize the
importance of attracting and keeping good employees. Providing group
term life insurance is an economical way for employers to provide a quality
benefit that employees value and appreciate.
Regardless of the number of employees you have, Erie Family Life
Insurance has a plan designed to cover your full-time workers.
All of this can be accomplished through the convenience of one simplified
billing statement. Ultra Group 2 is available to businesses with two
to nine employees and Ultra Group 10 is designed for businesses with
10 or more employees. You have the choice of a variety of benefit schedules.
Some of the highlights of each plan include:
Ultra
Group 2
(Two to Nine)
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Amount of coverage
$10,000 to $100,000 per life ($50,000 maximum for group with 2-5 employees).
Coverage ceases at age 70, at which time the employee may convert coverage
without evidence of insurability to any plan offered by Erie Family Life
for group conversion.
Continuation of coverage
Upon termination of employment, the insured employee may continue coverage
through an individual term policy without evidence of insurability for so
long as the insured continues to pay premiums.
Waiver of premium
(Optional)
Insurance coverage continues with no further premium payments for a covered
employee who becomes totally disabled prior to age 60. While the disability
continues, the insurance remains in effect up to age 70 just as if premiums
were being paid. (Disability must persist for more than six continuous months.)
Accidental Death Benefit
(Optional)
If the insured dies as the result of an accident, Erie Family Life will pay
an additional amount equal to the life insurance benefit.
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Ultra
Group 10
(10 or more)
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Amount of coverage
$10,000 to $150,000 per life. This plan also includes a Waiver of Premium benefit
that continues the insurance protection through age 65 with no further premium
payments should a covered employee become totally disabled for more than
nine months.
Conversion
Upon termination of employment, a covered employee may convert all or part
of their insurance coverage without evidence of insurability to any policy
offered by Erie Family Life for group conversion.
Accidental Death and Dismemberment
(Optional)
If the benefit is included on your group contract, and an insured employee
dies as a result of accident, Erie Family Life will pay an additional amount
equal to the life insurance benefit. In the event the employee loses a hand,
foot or sight of an eye, Erie Family Life will pay an amount equal to one-half
the life insurance benefit for a single loss or the full benefit for any combination
of multiple losses.
Dependant Coverage
(Optional)
If dependent coverage is included in the group life contract, covered employees
can elect coverage for their eligible dependents.
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An
Added Benefit
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LIFEWORKSSM Erie Family Life’s
voluntary payroll deduction program may be offered in conjunction
with our group life insurance plans at no cost to you. Full-time
employees may purchase additional life insurance for themselves,
their spouse and eligible dependent children and have premiums
conveniently deducted from their paycheck. As the employer, you
simply agree to let your
Erie Insurance agent meet with each employee and process the scheduled
deductions from their paycheck.
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Your Erie Family Life Agent can provide a full line of life, commercial and personal
insurance protection for all your business and personal needs.
*Erie Family Life products are not available in all states.
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