Eastern Insurance Holdings Inc. has completed the sale of its group benefits subsidiary, Eastern Life and Health Insurance Company, to Security Life Insurance Company of America.

Security Life, Minnetonka, Minn., a company that sells dental and vision insurance, paid about $34 million for Eastern Life, according to Eastern, Lancaster, Pa. The payment included a combination of cash and a $1.75 million promissory note.

The note carries a 4% interest rate; the principal is due in full 36 months after the transaction closes.