Premiums are automatically deducted from an employee’s paycheck. If employees choose coverage beyond the guaranteed issue amount, they may need to complete Evidence of Insurability (EOI), which is an application where the applicant answers health questions in order to get certain types of insurance. When EOI is required, the insurance company must approve it before coverage becomes effective.

Additional options:

• Accidental Death Insurance: Pays a benefit (in addition to the life insurance benefit) to beneficiaries if insured dies as a result of a covered accident.
• Accelerated Death Benefit:* If insured has a medical condition that requires permanent continuous confinement in an institution or is diagnosed with a terminal illness with a limited life expectancy, they may receive a portion of the death benefit while they’re still living.
• Waiver of Premium: If insured isn’t working because they are totally disabled, they’re allowed to keep coverage for a period of time without paying premiums.
• Continue or convert coverage: If employment ends or insured no longer meets employer’s eligibility criteria, insured may have the option to continue coverage by paying premiums directly to the insurance company. They may also have the option to convert coverage into an individual Whole Life Insurance policy — coverage for spouse or children is also available.

A complete description of benefits, limitations, exclusions and termination of coverage will be provided in the certificate of insurance and riders.

*Receipt of the accelerated benefit may be taxable, or may adversely affect your eligibility for Medicaid or other government benefits. You should consult your personal tax advisor to assess the impact of this benefit.

Other non-insurance services also provided:

• Bereavement Support, including Funeral Planning & Will Preparation services
• Employee Assistance Program (EAP)
• Voya Travel Assistance

Bereavement Support, including Funeral Planning & Will Preparation services are provided by The Empathy Project, Inc., New York, NY. Product availability and specific provisions may vary by state.

Employee Assistance Program services are provided by ComPsych® Corporation, Chicago, IL. Services are not available in all states.

Voya Travel Assistance services are provided by Generali Global Assistance, Inc., Pembroke Pines, FL. Services and availability may vary by state. Not available in New York.

This is a summary of benefits only. A complete description of benefits, limitations, exclusions and termination of coverage will be provided in the certificate of insurance and riders. All coverage is subject to the terms and conditions of the group policy. If there is any discrepancy between this document and the group policy documents, the policy documents will govern. To keep coverage in force, premiums are payable up to the date of coverage termination. Group Term Life Insurance is issued and underwritten by ReliaStar Life Insurance Company (Minneapolis, MN) and ReliaStar Life Insurance Company of New York (Woodbury, NY). Within the State of New York, only ReliaStar Life Insurance Company of New York is admitted, and its products issued. Both are members of the Voya® family of companies. Voya Employee Benefits is a division of both companies. Policy form #ICC LP14GP or LP00GP; Policy form # LP14GP-NY. Form numbers, availability and provisions may vary by state.

Employers can customize coverage by selecting from a variety of optional additional benefits they can offer to employees, including:

• Accelerated Benefit (ABR):* Allows access to funds up to 50% of the eligible death benefit upon diagnosis of a terminal illness while the insured is still living.
• Accidental Death Benefit (ADB): Provides an additional benefit equal to the base policy face amount, up to a maximum of $150,000, if insured dies as a result of a covered accident. Available to eligible employees and spouses age 15 through 60 years. Coverage terminates on the policy anniversary following age 65.
• Level Term to Age 65 Benefit (LT 65): Provides a term life insurance benefit of 50 or 100 percent of the base policy amount until age 65. Coverage available to eligible employees and spouses age 18 through 55 years.
• Waiver of Premium Benefit (WOP): Waives the monthly premiums of the base policy and any benefits after the insured has been totally disabled for four consecutive months. Available to eligible employees under 56 years of age.
• Children’s Term Insurance Benefit (CTR): Provides a fixed amount of term life insurance coverage with one premium rate for all eligible unmarried, dependent children ages 15 days through 24 years.

The following benefits are only available to be elected through one-on-one enrollment with an enroller who is a licensed insurance producer. They are not available for self-service enrollments:

• Accelerated Death Benefit (ADBR):* Allows insured access to death benefit in the event a physician diagnoses them with a terminal illness or they suffer a sickness or injury that requires qualified care.
• Long Term Care Benefit (LTC):* Allows insured to receive accelerated payment of their death benefit if they’re receiving qualified care to assist with daily living. The policy death benefit is reduced by the amount of LTC payment. Minimum policy face amount of $12,500 needed to elect this rider.

Other features: 

• Re-enrollment offers
• Loans and no surrender charges
• Reduced paid-up and extended term options
• Beneficiary support services

*Receipt of the accelerated benefit may be taxable, or may adversely affect your eligibility for Medicaid or other government benefits. You should consult your personal tax advisor to assess the impact of this benefit.

Lifetime Life can benefit both you and your employees:

• Enhances your benefits menu – More choices may help increase employee satisfaction and retain or attract new talent to your organization.
• Helps close the LTC funding gap – Having adequate coverage means employees may have more care choices that work for them.
• Offers lasting coverage – Since coverage is portable, employees and their families have protection up to and through retirement, as long as premium payments are made.

Long-Term Care (LTC):

Employers can choose from a variety of long-term care options, which makes the life benefit available sooner should an employee need long-term care. Long-Term Care and other accelerated benefits may not be available in all states.

• Offers the opportunity to help employees minimize LTC funding impacts
• Adequate coverage may offer employees more care choices
• Care benefits can help cover expenses for professional LTC services

The death benefit will be reduced by the amount of any drawn accelerated benefit. 

Receipt of the accelerated benefit may be taxable or may adversely affect your eligibility for Medicaid or other government benefits. You should consult your personal tax advisor to assess the impact of this benefit.

Other product highlights:

• Adaptable to most enrollment systems – Can be included on virtually any enrollment platform or benefits administration system. Employees can select their benefits as part of their annual or open enrollment process.
• Self-administered billing – As the system of record, you can simply provide us with the lives and volumes to reconcile each month – no billing list reviews needed.
• Guaranteed premiums – Coverage and payment amounts are guaranteed to be fixed for the life of the coverage, as long as an employee meets the required premium payments.¹ Premiums may be especially attractive for younger employees, since rates are based on issue age.
• Portability – Coverage is 100% portable. If an employee leaves employment or retires, they can take their coverage with them and choose a convenient payment plan that works for them.
• Payable benefit may be available after lapse – A portion of an employee’s life insurance benefit will be eligible to be paid to the beneficiary or beneficiaries even if coverage is cancelled or it has lapsed, if a vesting period has been satisfied.⁷
• Life benefit – The life benefit reduces to 50% of the original benefit at age 70 or after 25 years of paying premiums, whichever occurs later. The premium does not reduce at the time of the age reduction.
• Spouse coverage – An employee’s spouse can apply for coverage with no underwriting requirements.
• Child coverage – Children ages 0 through 25 years are also eligible to apply for several coverage options.

As of April 1, 2024, Lifetime Life Insurance is pending many state and regulatory approvals and may change or vary by state. Reach out to your Voya sales representative with questions or for additional information.