What happens if I have a Group Accidental Death Insurance policy?
A Group Accidental Death policy will pay a benefit to the insured person if the insured person has an accidental death. The policy may also pay a benefit for certain accidental dismemberments. If the life insurance company holding your Group Accidental Death 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 liquidator or the plan sponsor will transfer the Group Life policy at the renewal date or within the six month period to another company.