Group Term Life insurance
A foundation of financial protection

Group Term Life insurance is a simple product, but we don't sell it as a commodity — even basic term can be customized to your firm's needs — and the demands of the changing employee benefits marketplace.

Employer-paid basic coverage fills an immediate need for protection at no cost to employees.

Group Term Life insurance provides a base of protection employees can supplement with:

• Personal savings.
• Individual life insurance.
• Social Security benefits.

Features

• A foundation of insurance protection for employees and their families
• Coverage amounts up to $50,000 paid by the employer are income tax-free to employees
• A death benefit provides survivors with an "emergency fund," allowing them to use individual life insurance and other funds for long-term needs
• A voluntary plan through the supplemental option, which allows employees to choose the amount of insurance that fits their personal and financial situation

Benefits

• Attract and retain high-caliber employees
• Take advantage of a tax-deductible business expense
• Use group buying power to secure competitive premium rates
• Adequately insure large groups at a reasonable cost

Is this product right for your group?
The most popular ways to offer coverage are:

• On a salary-driven basis (multiples of annual salary); or
• As a flat amount of coverage ($25,000, $50,000, etc.).

Minnesota Life presents options for employers to offer employees:

• Basic Group Term Life coverage provides insurance for employees that's entirely paid by the employer.
• Supplemental Group Term Life coverage is voluntary coverage paid for by the employee. Employers typically offer this insurance in conjunction with an employer-paid Basic Term Life plan.

» Term Life insurance flyer (pdf, 45k)

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