Combined launches worksite term life offering

Combined Insurance , a Chubb Benefits Company, has introduced Worksite Term Life, a new voluntary life insurance product aimed at helping employers expand financial protection for employees.

The offering provides death benefits of up to $250,000 and is portable, allowing employees to keep coverage if they change jobs or retire. Optional features include Accidental Death and Waiver of Premium benefits, as well as spouse and child term riders.

The product expands Combined U.S.’s supplemental portfolio and targets a persistent protection gap. According to LIMRA, 42% of Americans say they need life insurance or more coverage, while only 29% report having workplace life insurance. Research also shows 72% of consumers overestimate the cost of term life, which remains the most affordable form of coverage.

Worksite Term Life joins Combined U.S.’s voluntary health and life lineup, which includes accident, critical illness, disability, hospital indemnity, and life products offered to employers nationwide.

These days employees expect benefits that support financial security through all stages of life. Worksite Term Life helps employers deliver on that expectation while remaining cost-neutral to their benefits budget.” – Mat Matarrese, Division President, Combined U.S.

“Worksite Term Life delivers accessible, meaningful protection at a time when many working families need it most. With stable rates, guaranteed and simplified issue underwriting, and customizable options, Worksite Term Life helps brokers and employers expand their benefits package by offering employees life insurance they can keep through age 95.” –  Janet Buzil, Senior Vice President, Product Innovation and Delivery, Chubb Benefits.