Beam Life: What you need to know about coverage

In an uncertain world, having life coverage creates certainty for family and loved ones. That’s where Beam Life provides financial security and peace of mind, ensuring beneficiaries are protected after a member passes away.

What is Beam Life?

Beam Life is a group term life insurance plan that can give family members financial peace of mind if a member is no longer there to support them.** Rather than leaving loved ones with existing debt, funeral costs, and everyday expenses, they may receive a portion of a death benefit or lump-sum payout. Beam offers a few types of life coverage plans, including:

Employer-paid life
Group term life coverage can be offered as a workplace perk and paramount in a comprehensive employee benefits program to attract and retain talent. This plan includes a guaranteed lump-sum payment and Accidental Death and Dismemberment (AD&D) coverage.^||

• 100% employer-paid plans
• No restrictions on how the benefit payment can be used

Voluntary life
This plan provides financial life insurance protection for employees who enroll for this benefit. Coverage includes employee, spouse, and dependent child protection; premiums can be deducted through the convenience of a payroll deduction.

• Lump-sum payment made directly to the beneficiary
• Online Evidence of Insurability (EOI) process for instant decision on amounts over the guaranteed issue

Get information about Beam Life. Explore the benefits and see standard plan options.

The benefits of Beam Life for members

Having a Beam Life plan delivers financial security and peace of mind, so loved ones are protected when a family member is no longer there to support them.

Financial protection
A member's designated beneficiary(ies) will receive a lump-sum payment in the event of their death. However, Beam Life does not pay out in certain circumstances, such as murder or suicide.

Income assistance
Get cash when needed most to help pay off debts, funeral expenses, and other financial obligations.

Tax-free benefit
Proceeds paid out under Beam Life plans are generally tax-free to beneficiaries. A 1099 form is sent when interest is over $600 on a Beam Life claim.

Discover the unexpected benefits of Beam Life. Check out these case study examples.

Who should get Beam Life coverage?

Anyone can benefit from Beam Life for them and their loved ones. However, some people more than others may want to strongly consider adding coverage:

• Stay-at-home parents
• Single household incomes
• Empty nesters
• Small business owners

See which states offer Beam Life.

Beam Life terms to know

Accidental Death and Dismemberment (AD&D) coverage
A benefit that pays out only if the member passes away, loses eyesight, limbs, movement, speech or hearing, or is dismembered in an accident. AD&D is automatically included in Beam's employer-paid life plan and is an optional feature on Beam's voluntary life plans.

Beneficiary
Individual(s) designated by a member who receives proceeds from a life insurance policy upon the death of the member. A beneficiary who is under 18 years old must be represented by a legal guardian or custodian.

Death Benefit
The amount of money paid to the beneficiary when the member passes away. A portion of the death benefit may be payable during the member’s lifetime if they are diagnosed with a terminal illness.

Digital Evidence of Insurability (EOI)
An online application process through which a Beam member provides information on the condition of their health to be considered for a life benefit over the guarantee issue amount.

Bundle with Beam

We are your one-stop shop for ancillary benefits. From quoting through implementation and beyond, discover a simpler, smarter experience with Beam.

• Beam Accident
  Cash benefits are available in the event of a covered accident or injury, including payments for non-medical expenses such as a mortgage, groceries, and childcare services.

• Beam Critical Illness
  Direct, lump-sum payment made in the event of a qualifying serious illness, such as a heart attack, stroke, or cancer.

• Beam Hospital Indemnity
  Per-day cash benefit that may cover an inpatient hospital stay due to an accident or illness.

• Beam Vision
  We partner with industry leader VSP® Vision Care to extend vision coverage beyond the basics.

The bottom line

Beam Life stands out for providing individuals and families with invaluable peace of mind. By ensuring financial stability in the face of unforeseen circumstances, Beam Life safeguards the future and fosters a sense of security in the present. 

Compare rates on Beam Life plans in your area. Click here to get started on a free quote.