Group Insurance

Major Medical Insurance

Insurance that covers most serious medical expenses up to a maximum limit, usually after a deductible and coinsurance have been met. Major Medical insurance can be Self-funded or Fully-insured.

1. Self-Funded –An insurance funding arrangement where the employer funds some or all of the claims liability incurred under employee benefit plans.. The employer assumes some of the risk for paying claims
2. Fully-Insured – An insurance funding arrangement for payment of medical claims consisting of a contract directly between employers and insurance carriers. There is no employer claims liability other than the payment of the premium.

Group Life – an insurance policy contract between the policy owner and the insurer, where the insurer agrees to pay a designated beneficiary a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness.

AD&D- (Accidental Death & Dismemberment) – insurance that provides an additional face amount double to the life face amount in the event of an accident. Also provides reimbursement for certain dismemberments due to an accident. This product is usually sold in conjunction with Life Insurance coverage.

Dependent Life – Life insurance purchased for dependents.

Short-Term Disability – a form of insurance that helps to protect the income of employees by providing a percentage of salary while recovering after an injury, accident, sickness, or maternity leave up to the elimination time period specified in the group plan.

Long-Term Disability – a form of insurance that protects the income of an employee by providing income against the risk if the individual working becomes in-able to perform any or all of their job duties therefor making it impossible to earn an income.

Dental – insurance designed to pay a portion of the costs associated with dental care. A dental insurance plan covers a percentage of the dental charges incurred at a dental office. The coverage options may include preventative services such as cleanings and other expenses such as fillings, crowns, root canals, etc.

Vision – a form of insurance that provides coverage for the services rendered by and eye care professional such as ophthalmologists and optometrists. The typical vision insurance plan provides yearly coverage for eye examinations and partial or full coverage eyeglasses, sunglasses, and contact lenses, with or without copays, depending on the plan chosen.

Long Term Care - Long-term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid. Individuals who require long-term care are generally not sick in the traditional sense, but instead, are unable to perform the basic activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking.

Critical Illness- an insurance product, where the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed in the insurance policy. The policy may also be structured to pay out regular income and the payout may also be on the policyholder undergoing a surgical procedure, for example, having a heart bypass operation. The policy may require the policyholder to survive a minimum number of days (the survival period) from when the illness was first diagnosed. The survival period used varies from company to company, however, 28 days and 30 days are the most common survival periods used.

Carriers: CFA has developed long standing relationships with over 20 group insurance carriers. We have the carriers and products to meet any need your group will have. Our relationships allow us to help streamline the application and underwriting process and insures that your group receives the highest quality personal service from CFA