Life Insurance
Group Risk :: Key Factors
TOWER’s Group Risk products and services provide simple solutions to make doing business easier for you. Our offering is based around 4 key factors:
1. Market Leading Technology
2. Flexible Automatic Acceptance Levels
3. Industry Benchmark Service Standards
4. Group Risk Insurance Expertise
2. Flexible Automatic Acceptance Levels
TOWER takes an individual approach when considering Automatic Acceptance Levels (AALs), tailoring each offer to the needs of your client and providing the majority of members’ acceptance without the need for medical evidence. The Automatic Acceptance Level for the fund is the level of cover agreed to by TOWER, to which members will not be required to submit medical evidence.
- A minimum of 40 lives are required for an AAL.
- Clear and non-discretionary eligibility rules and benefit design must be in place. This eliminates any selection by either the insurer or the group.
- At least 75% of eligible employees must join.
TOWER’s AAL limit are outlined below:
| Number of Lives | Group Life | Group Income Protection (per month) |
|---|---|---|
| 40-49 | $400,000 | $48,000 |
| 50-99 | $500,000 | $60,000 |
| 100-199 | $600,000 | $72,000 |
| 200-499 | $750,000 | $84,000 |
| 500-999 | $900,000 | $108,000 |
| 1000+ | Individual Consideration | Individual Consideration |
Standard medical underwriting is required where sums insured exceed Automatic Acceptance Levels or when individuals join a fund outside of eligibility.
