Group Term Life Insurance provides your beneficiaries with a benefit 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.
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):
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 life insurance varies based on your age and how much coverage you want to purchase. Please refer to your enrollment materials or contact your employer.
How much does it cost?
To find out the exact cost of your insurance, you may request an application by clicking here. All applications will include a rate sheet.
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), and ReliaStar Life Insurance Company of New York (Woodbury, NY), members of the Voya® family of companies. Within the State of New York, only ReliaStar Life Insurance Company of New York is admitted, and its products issued. Voya Employee Benefits is a division of both companies. Policy form ICC LP14GP or LP00GP (may vary by state) and Policy Form LP14GP-NY. Form numbers, provisions and availability may vary by state.
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.