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Illinois Life Insurance: What you need to know

Employers have no obligation under Illinois 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 (IL Comp. Stat. Ch. 215 Sec. 5/230.1et seq.).
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Group characteristics. The group to be insured may consist of any number of people and must include all employees or all of any class or classes of employees defined as eligible for coverage. The policy may provide that the term “employees” includes the employees of one or more subsidiary corporations and the employees, individual proprietors, and partners, of one or more affiliated corporations, proprietorships, or partnerships under common control. The term “employees” may also include the individual proprietor or partners if the employer is an individual proprietorship or partnership, retired employees, and directors of a corporate employer. An insurer may exclude or limit the coverage on any person if evidence of that individual's insurability is not satisfactory to the insurer. The policy must include a provision setting forth the conditions, if any, under which the insurer reserves the right to require a person eligible for insurance to furnish evidence of individual insurability as a condition to coverage.
Beneficiary. The employee may name anyone except the employer as beneficiary.
Employer/employee contributions. Employers are not required to make any contribution toward the cost of group insurance. If the employer pays the entire cost, all employees, except those whom the insurer excludes as uninsurable, must be covered.
Dependents. A policy may be extended to cover employees' spouses and dependent children. Employers are not ...

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