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October 16, 2007

BC Life & Health Insurance Company Launches Enhanced Group Life

Most people don't like thinking about life and disability insurance until they need to have it, running the risk of financial disaster. According to The Actuarial Foundation, the majority of American workers and their families are unprepared for the financial risk of disability, often going uninsured, and 64 percent of workers don't have access to long-term disability insurance coverage through their employer. And one in three workers over the age of 30 will become disabled for at least three months at some point during their careers, according to America's Health Insurance Plans. Through an arrangement with Anthem Life Insurance Company, BC Life & Health Insurance Company has launched an enhanced Group Life and Disability product portfolio for California's small and large group employers, offering flexible solutions with modular plan designs that help employers protect themselves against the high cost of disability, while providing employees valuable protection for their earnings.

Included in the customizable portfolio are basic group term life, dependent life, optional life, optional dependent life, short-term disability, voluntary short-term disability, long-term disability, voluntary long-term disability, and voluntary accident death and dismemberment. Additional member services are available through Resource Advisor, offering access to a spectrum of life and work resources, and Travel Assistant which provides a safety net for members should a medical emergency arise while they are traveling for personal or business reasons all at no additional cost.

According to LIMRA, over half of small and large group employers agree that life insurance is the most important non-medical benefit to offer employees. "People often don't like to talk about adequate life and disability benefits until they need it, running the risk of a financial disaster. These new enhancements will help employers protect their employees and their budget," said Brain A. Sassi, president and general manager, Blue Cross of California. "When life and disability products are paired with Blue Cross of California's health, pharmacy, dental, vision and EAP, we offer employers a full range of benefits and services to provide a complete employee benefits package."

These products are available as employer-paid basic benefits, basic benefits with a combination of employer and employee contributions, employee- paid voluntary benefits, or a combination of basic and voluntary benefits.

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Posted by healthinsurance at October 16, 2007 12:36 AM