Group and Individual Life Offerings
This life benefit requires the employer/group to have Group Term Life and the coverage applies only to spouse and child(ren).
What is Dependent Life?
Option comes as a 1 (level) or 2 (increasing).
What is the Death Benefit Option?
Continuing a term life policy as term by submitting a completed application and premium payment
What is Portability?
Life policy owned by the member, payroll deducted, can be renewed up to age 80, and can be continued beyond the member's employment by being directly billed; one of the descriptions is a 30 year.
What is Individual Term Life?
An amount the member receives when they choose to cancel/term the policy if it is in the positive.
What is the Surrender or Cash Value?
System used to download a pdf of Group's Invoice/Bill upon their request
What is Docfinity?
Whole Life Policy that accumulates value, and expires at age 95
What is Universal Life?
Request a member can have once per year that includes a $25 fee.
What is a Partial Surrender?
This team would process a cancelation/termination of an individual policy when receiving a SF Case from Customer Care when it doesn't involve a refund.
Who is Service Intake?
What is Voluntary Group Term Life?
This request allows the member to borrow against the policy, accumulates interest at 7.4%, and can have a negative impact if it is not paid back.
What is a Loan?
An employee would continue a term life policy as a whole life policy after leaving an employer by submitting a completed application with premium.
What is Conversion?
A type of Life offering by the group that is in addition to the Group Term Life but only available to employees.
What is Supplemental Life?
Premium's taken out of fund value and monthly expenses exceed monthly premium
What is negative cash value?
Customer Care would send this department a request for a copy of a Group's Certificate if: it is not located in Docfinity, if a copy is needed without annotations, and if any amendments need to be included.
What is New Business?