• Accelerated Benefits: Terminally ill employees may access a portion of their death benefit while they are alive.*
• Waiver of Premium: This benefit helps employees maintain important life coverage when they become totally disabled, as defined by the policy, and meet age requirements. Employers can customize the elimination period or choose no elimination period—a popular choice because it means easy tracking and immediate benefits for eligible employees.
• Claims Settlement: Beneficiaries may elect to receive either an interest-bearing account or a lump-sum payment. Availability varies by state.
• Accidental Death & Dismemberment (AD&D) Coverage also Available: Protection for covered accidental death and covered injuries resulting in speech/hearing loss, loss of limb, loss of thumb and index finger, and loss of use of a limb due to quadriplegia, paraplegia, or hemiplegia—all with a standard 365-day loss period. Many optional riders can be added, including Seat Belt, Air Bag, Helmet, Business Travel, Bereavement Counseling, and Child and/or Spouse Education. Availability may vary by state.
• Portability/Continuation: Allows employees to take their group Life insurance with them (portability) or continue their life insurance (continuation) under the group policy when coverage ends for reasons other than sickness, injury, retirement, or termination of the employer’s plan. Employees can apply for portable or continued term life coverage without satisfying evidence of Insurability. Continuation is available in lieu of portability in states where portability is not available. Continuation coverage ends in the event the group policy terminates.
• Service Guarantees: We are pleased to offer a Life Service Guarantee, which covers the speed and accuracy of our claims processing and our response time to customer phone calls and emails. In addition, we include an Overall Satisfaction Guarantee to ensure that our customers are 100% satisfied with our service. If we do not meet our service standards, the employer will receive a refund via check. Sun Life’s maximum liability under this guarantee for any policy year is limited to the lesser of 3% of the policyholder’s annual life premium or $5,000. The maximum payment for a breach of any one component is one-third of the maximum liability (lesser of 1% or $1,667). If a policyholder has more than one line of insurance coverage, the Overall Satisfaction component will be paid only if the service issue arises under this guarantee. Certain limitations apply.
*The Accelerated Benefit is not long term care insurance. It will reduce the total amount of your life insurance benefit payable under the Policy by the amount of the accelerated payment. Receipt of an Accelerated Benefit may be taxable; you should consult your tax advisor for specific advice. Receipt of an Accelerated Benefit may affect your eligibility for public assistance programs.