Plan details
Group Term Life and Accidental Death and Dismemberment (AD&D) Insurance
For groups of 2-9 eligible employees
CareAmerica Life Insurance Company offers a flexible approach to group benefits to meet the life insurance needs of small businesses across California. We offer Group Term Life and AD&D insurance for your employees and their dependents.
Product descriptions
Group Term Life
- Provides death benefits to beneficiaries designated by the insured.
- Offers age banded rates
- Coverage cannot exceed five times an employee’s salary.
- Original benefit amount reduced by 35 percent at age 65 and by 50 percent at age 70. All benefits terminate at retirement.
| Group Term Life | |
|---|---|
| Minimum amount | $15,000 |
| Maximum amount | $30,000 |
| Evidence of Insurability | Not required |
| Guarantee Issue Amount for Groups 2-9 | $30,000 |
| Billing | Combined billing |
| Plan design You can choose the plan design that meets your company's needs |
|
|---|---|
| Flat amounts | All employees are covered at the same flat amount, e.g., $30,000. |
| Multiples of salary | All employees are covered for the same multiple of salary, up to a salary maximum, e.g. two times annual earnings, to a maximum of $30,000. |
| Graded schedule | All employees are divided into classes (up to four) that have different levels of benefits. The benefit amount for each class must be no more than 2.5 times that of the next lower class. |
Waiver of Premium Provision
- Included for groups offering group term life or dependent life.
- Allows for continuation of life insurance coverage without payment of premium if insured employee is totally disabled prior to age 60.
- The amount of coverage will be the coverage in effect at the time disability commences. The life insurance continued will be subject to the reductions and terminations shown in the policy.
Accidental Death and Dismemberment (AD&D)
- Provides full benefit for accidental loss of life. Full benefit equals the life insurance coverage amount. Partial benefits are paid for accidental losses as listed in the chart below benefit
| Accidental loss | Percentage of benefit paid |
|---|---|
| Loss of limbs above wrist or ankle | 50% |
| Loss of sight in one eye | 50% |
| Loss of thumb and index finger of one hand | 25% |
| Loss of all four fingers of one hand | 25% |
| Loss of all toes of one foot | 12.5% |
Dependent Life
- Group term life must be purchased before dependent life is available.
- Provides life insurance coverage for an employee’s spouse and/or dependent children (domestic partner and his/her children upon request).
- $1,000 to $5,000 benefits offered per dependent in increments of $1,000.
- Coverage amounts for spouse and children must be equal and cannot exceed 50% of the employee’s benefit.
- Subject to certain coverage limitations for newborns and infants.
Domestic partner coverage
- Available to groups offering dependent life.
- Provides coverage for dependents classified as a domestic partner.
- Child benefit available to the children of domestic partner.
This is only a summary of benefits, it is not a policy. The actual complete terms and conditions are set forth in the policy.