CUNA Mutual Group said it has made modifications to its Group Life Insurance product to help the 3,200 credit unions offering the coverage enhance their employee benefits packages.
Among those enhancements, the company said, is one that will benefit the growing number of older workers-an age-related coverage reduction schedule. Under the previous plan, the death benefit reduced to 25% of its original amount when an active, full-time employee turned age 70. Now, proceeds reduce to only 65% at age 70, and 50% at age 75.
Another change is an accelerated death benefit that provides terminally ill employees with access to up to 50% of the death benefit, up to $250,000, before death occurs. The company said improvements to the optional AD&D rider include the addition of a standard seat belt feature that pays additional benefits if employees or their family are killed in an auto accident while wearing seatbelts.
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