A new employee-paid policy can pay cash benefits to an insured who has a covered accident or sickness.
Colonial Life & Accident Insurance Company, Columbia, S.C., a unit of Unum Group Corp., Chattanooga, Tenn (NYSE:UNM), says the voluntary accident plan offers a choice of 3 benefits levels, and a choice of employee-only, employee-and-family, and family-only coverage options.
Coverage is available to employee ages 80 and younger. The plan premium is the same for all eligible employees who choose the same level of benefits and the same coverage option, regardless of the employee's job title.
The plan pays immediate cash benefits to insureds who enter the hospital, need emergency treatment, or suffer fractures or dislocations. The plan also provides some benefits for insureds who need X-rays, rehabilitation therapy or occupational therapy.
Some accidental death and dismemberment benefits come with the basic plan. Optional riders available with the plan include an accident disability rider, an accident-sickness disability rider, and a sickness hospital confinement rider.
The plan is compatible with health savings account programs.
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