When you buy life insurance is your choice.
When you need it isn’t.
Many employers may already provide an employee life insurance benefit. But it may not be enough for some employees — particularly for those with a mortgage or children in college.
They’re looking for more coverage at an affordable price. And the truth is most adults depend solely on life insurance obtained through their employers. While employers may want to offer more coverage, at the same time they’re facing rising benefit costs.
The Solution
There is a way to offer employees additional life insurance at no cost to the employer other than plan administration. With McGohan Brabender’s MyMBLife Program, employees will have access to employee, spouse and dependent coverage at group rates. Employers can increase benefits without significantly increasing benefit costs. Plus, it’s another important benefit to cite when recruiting quality, experienced employees.
It’s a solution that helps meet everyone’s needs!
- Guaranteed Issue Amounts
- Opportunity to annually increase amounts without providing EOI
- Employer option to waive participation requirements
- Customized enrollment packets for each employee that lists all their options and individual pricing
- Grandfathering for those transferring coverage
- Optional AD&D benefit to match life benefit, including seat belt benefit and higher education benefit
- Accelerated benefit
- Waiver of premium benefit
- Conversion privilege
- Portability to age 65
- Voluntary Deduction Report delivered to Human Resources within three days of submitted enrollment apps.
Note: The employee's age on each policy anniversary determine which rates apply. Rates reflect coverage only for employees who are actively at work on the effective date.
Disclaimer: This is not a certificate of insurance or a summary plan description required by ERISA, but rather an overview of available coverage. Limitations and exclusions apply. The Policyholder or BancorpSouth Bank as Trustee holds the master policy containing all provisions of the group plan. Please note, because of individual state laws some plan provisions are not available or may require modification.