Guaranteed Issue Voluntary Payroll Deduction Life Insurance
If you do it all yourself and you keep all the comp or use the enrollment team from the carrier and split the broker comp 50/50. If the broker is the enroller the carrier would like to do a short training with the broker.
Full broker comp amounts:
WORKSITE PLANS:
- G10-year Term: 72.5%
- G20-year Term: 72.5%
- 20-year Term ROP: 72.5%
- Guaranteed Whole Life: 72.5%
- Guaranteed Whole Life Paid Up at 65: 55%
Put a lot of policies in force at one time!
Guaranteed Issue up to $100k–Requires no answers to medical questions for groups with 15 or more eligible employees to qualify! No minimum on the number that actually buy.
After the guaranteed issue amount there will also be simplified issue for additional coverage.
- Employee and OR spouse must be actively at work and working at least 20 hours per week
- Employee is not required to purchase life insurance on self in order to cover eligible family members
- Eligible employees may purchase any combination of worksite life insurance products
- Voluntary participation: Employees decide whether to participate or not. They can choose to purchase coverage on themselves, their spouses, children and grandchildren.
- Convenient premium payments: Premiums are paid through payroll deduction.
- Portable policies: An employee who leaves or retires may continue coverage with no change in premium or benefits.
- Eligibility guidelines Guaranteed Issue – Requires no answers to medical questions
- Possible coverage for 1099 staff
Click here for more information! https://www.cinfin.com/worksite-agent
Voluntary Payroll Deduction Life Insurance
Product and rider options
| Product | Employee & Spouse |
Children | Grandchildren |
|---|---|---|---|
| Term 10 | 18-70 years | 18-25 years* | N/A |
| Term 20 | 18-60 years | 18-25 years* | N/A |
| Term 20 ROP | 18-50 years | 18-25 years* | N/A |
| Whole Life Pay to 100 |
18-70 years | 15 days-25 years* | 15 days-18 years* |
| Whole Life Paid Up at 65 |
18-55 years | 15 days-25 years* | 15 days-18 years* |
* Ages 18-25 must be full-time students, unmarried and not in the military.
Spouse only: Employees can buy $50,000 or less on their spouse without the spouse’s signature, except where prohibited by the state. Additional amounts of coverage are available with the spouse’s signature.
The carrier normally uses their team for enrollments so there is a split 50/50. It is not required that you use their enrolling team but it is recommended. They have done studies, and their enrollers tend to get a higher placement rate.
If you don’t want to let the carrier do the enrollments, they will want you to go through a little training with the regional guy just to make sure you are clear on how the program works.
It’s up to you.
