Amalgamated Life Insurance Company is adding a voluntary group term life plan.
The White Plains, New York-based insurer is offering coverage with level-term periods of 10 years, 15 years or 20 years, the company announced today.
The coverage is portable and can be purchased on a guaranteed-issue basis for people up to age 65.
The death benefit for the worker can range from $5,000 to $300,000, with a maximum limit of five times the insured’s annual employment income.
The coverage limit for spouses who get insured through the plan is 50% of the insured worker’s death benefit.
Workers can also buy up to $10,000 in coverage for dependent children up to age 26.