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Alaska Life Insurance: What you need to know

Employers have no obligation under Alaska law to offer life insurance to their employees. However, if group life insurance is among the benefits offered to workers, certain minimum requirements must be satisfied (AK Stat. Sec. 21.48.010 et seq.).
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Group characteristics. The group to be insured must consist of no fewer than two people; individuals eligible for coverage must be subject to uniformly applied standards of insurability imposed by the insurer; and the amounts of group life insurance must be determined based on some plan that will preclude individual selection.
Conversion. Employees are guaranteed the right to convert group coverage to an individual policy in the event that the group member's employment is terminated, or the member ceases to be a part of the class eligible for coverage. Application for the individual policy must be made, and the first premium paid to the insurer, within 31 days after the termination. An individual who has been insured for five years and loses coverage because the policy terminates or is amended to terminate coverage for a class of insureds also must be allowed to convert to an individual policy (that may be limited to $2,000).
Premium payment. Group members have a 31-day grace period within which to make a premium payment before coverage may be terminated.
Alaska law provides for an alternative to group life insurance for small employer groups (AK Stat. Sec. 21.48.220). Under this type of program, individual policies are issued to at least 5, but not more than 10, employees. Premiums for the policies must be paid either wholly or partly by the employer.

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