Life Insurance

Group Term Life Insurance
 

Group Term Life Insurance is available from DAKOTACARE from several different carriers. Whichever carrier is selected, they all allow you to offer your employees a vital benefit with ease of administration and a valuable corporate tax deduction for you.

Basic coverage can be tailored to fit the needs of most employee groups. The benefit schedule may be based on a fixed dollar amount, job classification or a salary multiple. Most group term insurance policies include an amount of Accidental Death and Dismemberment (AD&D) Insurance that is equal to the amount of life insurance provided.

Waiver of Premium Benefits are available if an employee becomes totally disabled before age 60 and remains disabled for 6 months. Another available benefit is Accelerated Death Benefit. If an insured employee becomes terminally ill with a life expectancy of 12 months or less, the accelerated death benefit pays a portion of the life insurance benefit while the employee is still living.* Extension coverage once an employee is no longer actively working due to disability, and conversion coverage are also available.

*Receipt of this benefit may be taxable or may adversely affect the employee’s eligibility for Medicaid or other government benefits or entitlements. It is recommended that anyone thinking about filing for an accelerated death benefit obtain professional tax counsel first.

Supplemental Term Life Insurance
 

Supplemental Term Life Insurance allows you to provide additional life insurance to your employees without increasing your benefits budget. This benefit may be offered to employees on a voluntary basis, and may be offered to employees, spouses and dependent children. Different carriers have different eligibility requirements and also different group size and participation requirements.
 

For more information on Group Term Insurance, Supplemental Term Life Insurance, or any other DAKOTACARE product, contact the DAKOTACARE Sales and Marketing office at (605) 334-4000 or (800) 325-5597, or your local DAKOTACARE agent.