Group Term Life Insurance
Group Number: 316407
Help protect your family’s financial future after you’re gone.
Group Term Life Insurance provides your beneficiaries with a payment they can use on anything they’d like if you pass away during a specific period of time (known as a “term”). For a complete description of benefits, exclusions and limitations, refer to your certificate of insurance and riders.
Your Group Term Life Insurance includes the following benefits:
Accelerated Death Benefit
If you are diagnosed with a terminal illness with a limited life expectancy, you may receive a portion of your death benefit while still living. Receipt of the accelerated benefit may be taxable, or may adversely affect your eligibility for Medicaid or other government benefits. You should consult your personal tax advisor to find out the impact of this benefit.
Accidental Death and Dismemberment (AD&D) Insurance
If you are severely injured or pass away due to a covered accident, you or your beneficiary will receive a separate benefit that can be used any way you choose.
Convenient payroll deductions
Premium deductions for supplemental coverages are taken directly from your paycheck, so you never have to worry about late payments or lapses in coverage.
Conversion
You may convert your life insurance coverage to an individual Whole Life Insurance policy when you leave your employer or lost your eligibility for coverage under the employer’s group policy.
Portability
You may apply to continue your coverage when you leave your current employer, and pay premiums to the insurance company directly.
Waiver of Premium
If you become unable to work due to total disability, your life insurance can be continued without premium payment.
Additional services:
Employee Assistance Program (EAP)
DetailsGroup Name: Public Risk Innovation, Solutions and Management ("PRISM")
Funeral Planning, Will Prep, and Concierge Services
Details
Group Name: Public Risk Innovation, Solutions and Management ("PRISM")
Group Number: 316407
Voya Cares®
Details
Voya Cares® is not insurance coverage. It is a service offered through the Voya family of companies.
Voya Travel Assistance
Details
Group Name: Public Risk Innovation, Solutions and Management ("PRISM")
Group Number: 316407
Certificates
Review this document for a complete overview of benefits
What is Basic Group Term Life Insurance?
Basic Group Term Life Insurance is offered through your employer and pays a benefit to your beneficiary if you pass away during a specific period of time or “term”. Your employer may offer Basic Group Term Life Insurance, which is usually the amount they provide at no cost to you.
How can life insurance help?
Below are a few examples of how your life insurance benefit could be used (coverage amounts may vary)
- Pay off any remaining medical bills, funeral costs and debts
- Provide ongoing financial support to your family
- Keep your family in your home by paying off the mortgage
- Fund your children’s education
Why should I enroll through my employer?
- Premium amounts are deducted from your paycheck, so you don’t have to worry about paying another bill.
- You may apply to take coverage with you if you leave your current employer or are no longer eligible for coverage through your employer.
Can I purchase coverage for my spouse and child?
If offered, you may purchase coverage for your eligible spouse and children. Refer to your enrollment brochure to learn about eligibility and the available options.
Do I need to provide health information?
Depending on the amount of coverage you select or the offer to your group, you may need to provide evidence of insurability on yourself, your spouse and/or your children. When evidence of insurability is required, the insurance company will need to approve it before coverage becomes effective.
What is Supplemental Group Term Life Insurance?
You may also have the option to apply for additional or Supplemental Group Term Life Insurance as part of your benefits plan. Premium deductions for Supplemental Group Term Life Insurance are taken directly from your paycheck.
How much does it cost?
The monthly cost of insurance varies based on your age and how much you want to purchase. Please refer to your enrollment materials or contact your employer.
This is a summary of benefits only. A complete description of benefits, limitations, exclusions and termination of coverage will be provided in the certificate of insurance and riders. All coverage is subject to the terms and conditions of the group policy. If there is any discrepancy between this document and the group policy documents, the policy documents will govern. To keep coverage in force, premiums are payable up to the date of coverage termination. Group Term Life Insurance is underwritten by ReliaStar Life Insurance Company (Minneapolis, MN), a member of the Voya® family of companies. Policy Form #LP00GP and Certificate Form #LP00GC.
Benefit Basics video
Real Life Example
Mark and Becky’s lives were busy with work, sports and three children. Mark was the breadwinner and Becky was a stay-at-home mom. Mark had been suffering from recurring headaches and was diagnosed with an inoperable brain tumor. Fortunately for their family, Mark had Group Term Life Insurance through his employer. When Mark passed away, Becky was able to use the life insurance benefit to pay for the remaining home mortgage and cover Mark’s funeral expenses. There was even enough money to support the family while she transitioned to being a single working parent.
Example Expenses
| Total Life Insurance Proceeds | $180,000 | |
| Funeral Expenses | $8,000 | |
| Remaining Mortgage | - | $75,000 |
| Remaining Benefit Amount | $97,000 |
This is shown for illustrative purposes only. Actual results may vary. For a complete description of your available benefits, exclusions and limitations, see your certificate of insurance and any riders.
