Weekly Tip: Group Term Life Uniform Standards

 

Weekly Tips

Group Term Life Uniform Standards

7/08/2013

Did you know that the Insurance Compact is now able to accept Group Term Life products for employer/employees?  They are!

The first of the group term life product Uniform Standards was in effect January 2013.  There are now six (6) Uniform Standards in effect for the group term life product.  Three (3) additional Uniform Standards will be in effect in early September.  All of the Uniform Standards in effect may be found on the Record of the Insurance Compact’s website.  The group term life product line is eligible for mix and match.

One last uniform standard, the Group Term Life Insurance Uniform Standards for Accelerated Death Benefits, will be part of the public hearing that is scheduled for July 22nd during the Management Committee teleconference.  It is anticipated that these last uniform standards will be adopted during the Insurance Compact’s in-person meeting on August 23rd.  They will then be in effect in early December 2013.  More information regarding these uniform standards may be found on the Docket of the Insurance Compact’s website.

If after you have reviewed these Uniform Standards and you have questions, please contact the Insurance Compact’s office.  We are here to address any and all questions you may have.