Group Life Insurance
A Group Life policy pays a Death Benefit if the insured person dies during the term of the policy.
If the life insurance company holding your Group Life policy fails,
- Assuris continues your Group Insurance Death Benefits up to $200,000 or 85% of the promised Death Benefit, whichever is higher, until the earlier of either:
- The next renewal date for the group contract, or
- Six months from the life insurance company failure.
It is anticipated that the plan sponsor or the liquidator will transfer the Group Life policy at the renewal date or within the six month period to another company.
Examples click here
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