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.
(Related: How a Midsize Life Insurer’s CEO Sees the Voluntary Benefits Market 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.
The product comes with an accelerated death benefit rider at no extra cost.
Workers can buy an optional accidental death and dismemberment rider.
In a product information sheet filed with regulators in the District of Columbia, Amalgamated Life says it expects to market the plan mainly to labor union groups but may also market it to other employer groups, associations, and employee welfare trust funds.
The company will be distributing through its own sales executives and through outside brokerage firms.
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