Today, offering products that help both employers and employees deal with the rising cost of benefits isn’t just good business, it’s the right thing to do.
The IACBMC has entered into an agreement with Boston Mutual Life Insurance Company to provide Illinois counties a permanent whole-life program at no additional cost to taxpayers. The Employee Life Option Plus (ELOP) is a permanent life insurance program serviced and enrolled by Gregory & Appel. This interest sensitive whole life product features level premiums, fixed death benefits and guaranteed minimum cash values as well as cash accumulation at current interest rates.
Coverage is made available to eligible employees on a voluntary basis. Premiums are typically collected through payroll deduction. This product is available to elected officials, employees, spouses (may be subject to medical underwriting), children and grandchildren regardless of their past or present health problems.
• Permanent life insurance with cash value accumulation
• Premiums are guaranteed not to increase for the life of the policy
• Guarantee issue amounts for eligible employees – no medical underwriting required
• Flexibility to cover the employee, spouse, children and grandchildren
• Optional riders include Children Term coverage, Accidental Death Beneift, and Catastrophic Loss
• Policy is portable should the employee leave his/her employer
Employee Life Option Plus Flyer