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March 10, 2009 at 08:00 PM
A life insurer has started offering inflation protection and automatic buy-up options for its voluntary, employee-paid group life plans in the small and midsize employer market.
The inflation option is an automatic benefit increase feature, says the company, Guardian Life Insurance Company of America, New York. The option makes a 5% cost of living adjustment for 5 years after the first year of the employee’s participation in the plan.
Example: $100,000 of base coverage would become a $127,628 death benefit in 5 years, Guardian says.
