Group Life Insurance Audits

Eliminate Unnecessary Risk

Require Evidence of Insurability (EOI) for higher levels of employee life insurance coverage? You may be at risk.

A noninvasive Group Life Audit eliminates the risk employers assume when their employees are paying for life insurance policies out of sync with the life insurance carrier.

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Group Life Insurance Audits from DSI

Group Life Insurance Audits 101

Over 80 Million Americans receive guaranteed life insurance through an employer, and most employees get the opportunity to increase coverage for themselves or dependents through an increased payroll deduction. Yet over 55% of supplemental life elections never complete their EOI.

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Step 1
An employee chooses a life insurance coverage increase of one to five times their salary
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Step 2
The employer requires the employee to complete Evidence of Insurability (EOI) to receive the highest levels of coverage
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Step 3
The employee is unaware that they must complete the EOI in order to receive coverage and fails to fulfill the requirements
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Step 4
In the absence of EOI the carrier eventually reduces coverage to guaranteed issue levels, typically tens or hundreds of thousands of dollars below what the employee signed up for at Open Enrollment

Did you know?

There are over 900 life insurance carriers and 290 million active life insurance policies in America, yet there is no uniform policy for EOI reporting.  For many carriers, EOI reporting to employers is lacking or even nonexistent.

Group Life Insurance Audits How Things Go Wrong

How Things Go Wrong

Employers often fail to inform employees clearly that if they choose higher coverage levels they will be required to complete an Evidence of Insurability, and that it may include a doctor’s visit or paperwork.

Paycheck benefit deductions begin without regard to completion of an EOI. This oversight results in employees paying premiums out of their paycheck for increased levels of life insurance coverage.

Upon receipt of notification of missing EOI, employers rarely update the payroll premium to the new, lower level of coverage.

Failure to update the payroll system to the new lower life insurance premium due to a missing EOI creates a de facto contract between employer and employee for a level of coverage that is significantly higher than what the life insurance carrier is obligated to pay.

The Solution

A Group Life Insurance Audit from DSI mitigates millions of dollars of risk quickly, quietly and professionally.

With our proven approach, your audit gets the results you need without adding noise for HR or frustrating your employees.

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DSI Group Life Insurance Audit Solution

Verification from DSI

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Request a proposal today and experience the DSI difference.

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