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Article: Group Term Policy Gets A CI Upgrade. (Products).(Reliance Standard Life Insurance; critical illness upgrade)(Brief Article)
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- December 3, 2001
- Author:
CopyrightCOPYRIGHT 2001 Summit Business Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In the group term life insurance market, sales often hinge on three things, says Blaise DiFedele, national sales coordinator at Reliance Standard Life Insurance Company, Philadelphia, Pa.
It's a "you die, we pay, what's it cost?" kind of transaction, he says.
Seeing that, Reliance decided to give its own group term product a competitive edge by adding a new living benefit" to the contract.
This living benefit is a critical illness feature that pays a lump sum equal to 10% of the employee's group term life coverage, up to $100,000.
To trigger the benefit, an employee must qualify for waiver of premium benefits as a result of total ...