Kansas City Life - Defined Contribution Plan
FOR GROUPS WITH 5-99 FULL-TIME EMPLOYEES
The Defined Contribution Plan concept is unique and almost unbelievable in the world of small group ancillary benefits.
In exchange for a small uniform contribution ($15, $30, or $50) from the employer for each eligible employee, the Defined Contribution Plan will allow true guaranteed-issue underwriting into all group insurance products (Basic Life, Voluntary Term Life, Voluntary Short-Term Disability, Voluntary Long-Term Disability, Voluntary Dental, and Voluntary Vision) with no participation requirements, and with only a few conditions. 1) If Basic Life is offered, all employees must take it. 2) Only groups that are 10+ employees can offer LTD and at least two employees must enroll in LTD for it to be viable within the plan. 3) All eligible full-time employees must participate in the plan, at a minimum, at the employer's contribution level.
Each plan within the Defined Contribution Plan is standalone with no participation requirements, other than what we mentioned above. The broker/employer can choose to offer all plans or only some of the plans. On Dental, Short-Term Disability, Long-Term Disability, and Vision plans, the broker/employer chooses one option from among the options quoted to offer employees.
Defined Contribution Plan quoted rates will vary depending on the employer contribution, the employer's standard industry classification (SIC), and their state of residence.
The Defined Contribution Plan concept is unique and almost unbelievable in the world of small group ancillary benefits.
In exchange for a small uniform contribution ($15, $30, or $50) from the employer for each eligible employee, the Defined Contribution Plan will allow true guaranteed-issue underwriting into all group insurance products (Basic Life, Voluntary Term Life, Voluntary Short-Term Disability, Voluntary Long-Term Disability, Voluntary Dental, and Voluntary Vision) with no participation requirements, and with only a few conditions. 1) If Basic Life is offered, all employees must take it. 2) Only groups that are 10+ employees can offer LTD and at least two employees must enroll in LTD for it to be viable within the plan. 3) All eligible full-time employees must participate in the plan, at a minimum, at the employer's contribution level.
Each plan within the Defined Contribution Plan is standalone with no participation requirements, other than what we mentioned above. The broker/employer can choose to offer all plans or only some of the plans. On Dental, Short-Term Disability, Long-Term Disability, and Vision plans, the broker/employer chooses one option from among the options quoted to offer employees.
Defined Contribution Plan quoted rates will vary depending on the employer contribution, the employer's standard industry classification (SIC), and their state of residence.
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