Life Insurance 101

Life Insurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's death. Group Term Life Insurance is a foundation of insurance protection for employees and their families. It provides protection for a specific period of time and pays a benefit only if the insured dies during the term. There is no cash value buildup in a Term Life Insurance policy. Group Term Life Insurance provides a base level of protection that can be enhanced by personal savings, supplemental (employee-paid) life insurance and individual life insurance. The death benefit is paid income tax free to the beneficiary. 

Click here to view a video explaining the need and value of Term Life Insurance.

Ochs, Inc. administers a comprehensive life insurance program designed exclusively for employers and employees who participate in The Municipal Pool. This program provides the following features:

• Lets you choose the insurance amount you need to fit your financial situation. You can apply for insurance in units of $5,000, up to the $300,000 maximum. A needs calculator can assist you in determining adequate life insurance coverage.
• Protects you with broad coverage. The insurance benefit is doubled in the event of accidental death. If an insured person should ever become diagnosed as terminally ill with 12 months or less to live, the Accelerated Death Benefit allows the insured to receive a benefit payment from the policy while alive.
• Provides coverage for your spouse. Your spouse can apply for up to $150,000 of Term Life Insurance.
• Gives you an opportunity to insure your dependents. Insurance may be available for your growing family at a very reasonable cost.
• Is easy on the budget, thanks to affordable group rates. Contact us for rate information. 
• Keeps working even when you can't. If you become totally and permanently disabled before age 60, your life insurance will remain in effect to age 65. You will not have to pay your premiums as long as you remain totally disabled.
• Can be automatically converted if you leave your job. If you leave or retire from your job, you can switch this coverage to a Minnesota Life individual insurance policy without answering questions about your health.
• Includes special provisions for new employees. New employees who enroll in this plan within 30 days of eligibility may obtain a specified amount of insurance coverage for themselves and for their spouse and children without answering questions about their health.