The insurance solutions/group protection division of Lincoln National Corp. has rolled out a group benefits package aimed at small business owners.
The product menu includes term life, accidental death and disability, short-term disability, long-term disability and dental insurance, according to Lincoln National, Radnor, Pa.
Lincoln designed the product family for businesses needing to insure 2 to 9 lives.
A small business center will service users, and a sales support unit in Lincoln’s home office will give brokers quotes and follow-up support.
The group term life and AD&D component provides flat amounts of coverage up to $50,000, or 1 times annual salary up to $50,000.
The group life/AD&D component also provides:
- Dependent coverage amounts of $2,000 for a spouse and $1,000 per child
- 24-hour AD&D coverage.
- Life waiver of premium for total disability.
- Travel benefits.
- Free beneficiary counseling services.
The STD component provides 50%/60% benefit up to a maximum of $1,500 per week, with a choice of 13-week or 26-week benefit periods. There is also a choice of elimination periods.
The LTD component provides a 50%/60% benefit up to a maximum of $6,000, along with an additional 10% progressive income benefit. The LTD benefit durations can be 2 years, 5 years, or up to the Social Security Normal Retirement Age, and the elimination period can be 90 or 180 days. Employers get an employee assistance program and a family care rider.
The dental component provides coverage for preventive, basic, and major services. The deductible can be $50 or $100, and the annual maximum can be $1,000 or $1,500. Periodontics and endodontics are covered as part of major services.