The Business Council Insurance Fund has announced a two-month premium holiday for members who have participated in the fund’s Group Life Insurance Trust prior to January 2013. Those members will receive a premium holiday on their life and accidental death and personal loss coverage benefits for the months of July and August 2014.
A Premium Holiday occurs when The Insurance Fund is able to reduce the premium due from its participating members — in this case for the months of July and August, 2014 — as the direct result of positive financial underwriting gains attributable to the program’s administration.
The Insurance Fund consistently offers competitive rates for life and accidental death and personal loss insurance. These products are underwritten by Aetna Life Insurance Company, an industry leader. “The large number of participants in the fund gives us leverage to keep prices down,” said Teri Wilson, senior director of the Business Council Insurance Fund. “Our long history of solid underwriting and positive loss experience also keeps rates down.”
Benefits to Council members include a single billing for multiple lines of coverage and less hassle when dealing with enrollments. The group life insurance benefits are tailored to meet the needs of all business, small to large, and offer customizable options through an easy-to-use, state-of-the art customer call center. The Fund provides service on all of its products with one of the most experienced staffs in the insurance industry.
Wilson said, “We choose to work with Aetna for one simple, yet powerful reason: the quality of their underwriting. This relationship reinforces the value in our membership and enables more New York State businesses to enjoy a cost-effective, no hassle business solution.”
The Council created its Insurance Fund in 1957 to offer low-cost group insurance as a membership benefit. The Fund’s programs have grown steadily; two-thirds of Council members currently are enrolled in the Fund’s group insurance programs insuring more than 180,000 workers across New York State. The Fund can insure employers with as few as two employees or more than 1,000, and can tailor products to meet employers’ needs.