Group term life insurance
Group term life insurance available through your employer is a cost-effective, convenient way to provide additional financial security for your family in the event of your death. According to the American Council of Life Insurers, group life represented 41 percent of life insurance policies in force in 2013, providing over $8.2 trillion in protection, and growing4.
This is a general description of the value of group term life insurance. Actual coverage amounts, designated beneficiary and their spending decisions may all impact the below statements. Ask your employer for information about the specific terms and plan options contained in your employee group term life insurance contract.
1. U.S. Social Security Administration, Fact Sheet, February 7, 2013
2. U.S. Census Bureau, American Community Survey, 2011
3. Council for Disability Awareness, Disability Divide Consumer Disability Awareness Study, 2010
4. American Council of Life Insurers “Life Insurers Fact Book 2014,” page 65.
5. National Funeral Directors Association, http://nfda.org/about-funeral-service-/trends-and-statistics.html
Group life and disability insurance coverages issued in the United States in New York are issued by Zurich American Life Insurance Company of New York, a New York domestic life insurance company located at its registered home address of One Liberty Plaza, 165 Broadway, New York, NY 10006. In all states except New York, insurance coverages offered in the United States are issued by Zurich American Life Insurance Company, an Illinois domestic life insurance company located at its registered home address of 1299 Zurich Way, Schaumburg, IL 60196-1056. The information enclosed is intended as a general description of certain types of insurance and services available to qualified customers. Certain products, contract terms and services may not be available in all states or may vary by state.