By Marshall Griffin, KWMU
Jefferson City, MO – Associated Industries of Missouri is offering new term life insurance coverage for member businesses.
AIM-Life is a new program that will offer term life insurance coverage for businesses that join or already belong to Associated Industries of Missouri.
President Gary Marble says term life coverage has been getting more expensive lately.
"Term life and AD&D, disability-type insurance, are often times one of the first to fall to the wayside...so we're wanting to try to get a package out there that employers can afford to offer to the employees," Marble said.
Mutual of Omaha will write the actual policies for employees of businesses that sign up.
The cost will vary, based upon the number of employees and the amount of coverage purchased.
"And what we've actually developed with Mutual, initially, is a 2-tiered area...you can either go with a $20,000 package or $50,000, and go on the Internet, and through a really brief application process, get a group quote almost immediately back...(it is) a hard quote, (and) it will be the numbers that Mutual is willing to honor," Marble said.
Companies that don't already belong to Associated Industries of Missouri will have to join.
Marble says membership costs $280 per year, plus an extra $1.50 per employee.