Group Life - Voluntary
Employees appreciate the opportunity to purchase life coverage at work.
Principal Life makes it easy with:
- Flexible benefit designs to meet individual needs
- Guaranteed coverage for all employees
- Dependent coverage
- Accidental Death & Dismemberment (AD&D)
|Coverage Amounts||Up to $500,000|
|Waiver of Premium||Available with choice of definition of disability, elimination periods and duration options.|
|Accelerated Benefits||75% of benefit up to $250,0001 (available in most states).|
|Periodic Increase||Employees and dependents can elect to increase their existing coverage one increment without evidence of insurability up to the guaranteed issue amount during each annual enrollment.|
|Dependent Coverage||Available in increments for spouse and flat benefits for dependent children up to age 26.|
|Individual Purchase Rights||Yes|
|Portability||Available with full (up to age 70), five-year and three-year programs.|
See all the features. (PDF) (GP51197)
Accidental Death & Dismemberment (AD&D)2
Employers have the flexibility to add AD&D to their voluntary term life coverage. Principal Life offers a basic benefit, plus three optional packages to offer employees even greater protection. Get the details. (PDF) (GP52194)
1 Available to terminally ill employees diagnosed with a life expectancy of 12 months or less and at least a $10,000 benefit. Death benefits are reduced by the amount of any accelerated benefits received. Because of possible tax consequences, employees should contact a tax advisor before receiving accelerated benefits. Receipt of the accelerated death benefit may affect eligibility for public assistance programs.
2 In some states, certain provisions listed as AD&D may be paid as a Personal Loss Benefit.
|Minimum Case Size||Participation Rate|
- Enhance your client’s benefit program with voluntary term life while providing benefit choices to employees and controlling cost.
- Combine group term life with voluntary term life for an affordable way to provide employees with a base level of protection while allowing them to tailor the voluntary coverage to meet their individual needs. Learn about our employer-paid coverage.
- Sell group term life with voluntary term life to the client. This may qualify the group for a discount on the employer-paid coverage. Adding more coverages may result in more savings. Check out the savings.
- Target law firms. Principal Life offers a specialized benefits program for members of the Association of Legal Administrators with generous guaranteed issue and maximum limits to meet the higher protection needs of attorneys. Learn more.
Key materials are listed below.
Voluntary Term Life - Building Solutions (GP51013)
Shows all options employers have when selecting benefits, such as minimum/maximum benefit, guaranteed coverage and additional benefits.