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Products April 16, 2003
Fortis Launches Basic Insurance Package
April 16, 2003 (PLANSPONSOR.com) - Fortis Benefits
Insurance Company has unveiled a new package of basic
workplace insurance policies.
Reported by Fred Schneyer
According to a news release, the Fortis Simple Benefits Solutions includes basic life, accidental death and disability coverage. The company said rates are age-based in three categories: under age 40, 40 to 54, 55 and older.
The SBS package includes:
- life insurance with a $25,000 benefit amount; an 80% Accelerated Death Benefit available for patients with terminal medical conditions; a two-year waiver for life insurance premiums if the insured is disabled
- a $75,000 accidental death and dismemberment (AD&D) benefit with an additional higher education benefit; an AD&D rider providing additional benefits if death occurs in an auto accident while the insured is wearing a seat belt; and disability coverage with a 30-day qualifying period, two-year benefit duration and benefit amount of 60% of pre-disability pay, up to a maximum of $1,000 a month. Benefits reduce automatically at age 70 and again at age 75.