Group Life Plans

The Group Life Policy offered through Lincoln Financial Group is available to groups of 2 or more employees. It offers an excellent opportunity to purchase affordable group term life insurance for you and your employees. Important features of the program include an Accelerated Death Benefit for a terminal illness, optional Accidental Death and Dismemberment coverage, Safe Driver benefit and Extension of Death Benefit (continuation without premium payment for total disability), and a policy conversion option.

For additional information

Firms with 2- 9 employees
Contact:  Banyan Administrators – Managers for the CalCPA Health Programs (877) 480-7923

Firms with 10+ employees
Contact: Hover & Hessel, LLC (800) 805-9480

To Enroll

Firms with 2- 9 employees
Firms must complete a Subscription Agreement and each employee must complete an Employee Enrollment Form. Employees of firms with 2-3 employees must also complete a Health Statement.

Firms with 10+ employees
Firms must complete a Subscription Agreement. Upon receipt of the completed Subscription Agreement, you will be contacted by Hover & Hessel, LLC, which will provide a quote and assistance in completing the enrollment process.

Benefits

Plan Options

Class 1: Groups selecting one times basic annual earnings (BAE) to $50,000

Class 2: Groups selecting two times BAE to $100,000

Waiver of Premium
If an eligible employee becomes totally disabled prior to his 60th birthday, the life insurance will continue without premium payment so long as total disability continues. Premium payments must resume when disability ceases or coverage will lapse.

Accelerated Death Benefit
Should an eligible employee be diagnosed with a terminal illness and have a life expectancy of 12 months or less, she may elect to receive up to 80% of her Group Term Life benefit amount.

Conversion Privilege
If coverage terminates or reduces, you may be eligible to convert your Group Term Life benefit amount to an individual policy. The conversion opportunity must be exercised within 31 days of the termination or reduction.

Travel Assistance
Travel Connect services include emergency travel arrangements and funds transfer, assistance with lost or stolen travel documents, emergency medical evacuation and transportation, repatriation of a deceased traveler and more. Click here to view program information.

Beneficiary Assistance
Beneficiary Connect services include grief and legal counseling, memorial planning assistance, child and elder care referrals, financial counseling and more. Click here to view additional program information.

Age Reduction
Benefits reduce by 35% at age 65, and continue to reduce by 35% at age 70, 35% at age 75, 25% at age 80, 25% at age 85, 25% at age 90, and by 25% at age 95.

For additional information

Firms with 2- 9 employees
Contact: Banyan Administrators – Managers for the CalCPA Health Programs (877) 480-7923

Firms with 10+ employees
Contact: Hover & Hessel, LLC (800) 805-9480

Eligibility

Employer Eligibility

Group Life coverage from Lincoln Financial Group is available to accounting firms in public practice. To be eligible and retain such eligibility, more than 50% of all the Employer’s owners (i.e., principals, proprietors, partners, shareholders or other owners) must be CPAs or Associate members of CalCPA in good standing. All employers deemed to be part of an affiliated group under Internal Revenue Code Sections 414(b), (c), or (m) are considered to be a single employer.

Firms consisting of 4 or more eligible persons working at least 30 hours per week may be eligible for guaranteed coverage.

Employee Eligibility

Active, regular full-time Certified Public Accountants of the California Society of CPAs and their eligible employees working at least 30 hours per week are eligible for coverage.

Dependent Eligibility

Dependents are not eligible for coverage.

Participation Requirements

100% of active, regular full-time employees working at least 30 hours per week must be covered.

For additional information

Firms with 2- 9 employees
Contact:  Banyan Administrators – Managers for the CalCPA Health Programs (877) 480-7923

Firms with 10+ employees
Contact: Hover & Hessel, LLC (800) 805-9480