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Starting July 1, Covered California for Small Business (CCSB) is offering new Blue Shield plans, providing more options for enrollees. These plans include the Access+ HMO Network with Platinum, Gold, and Silver metal tier options, as well as the Bronze Trio HMO 7000/70. The two most popular Blue Shield High Deductible Health Plans (HDHP), Silver Full PPO Savings 2300/25% and Bronze Full PPO Savings 7000 plans, are also now available.
All of these plans offer benefits such as Wellvolution, Teladoc Mental Health, Nurse Help 24/7, LifeReferrals 24/7, and the Blue Card program for when members are outside of California.
For assistance, please contact our Quotes team at quotes@claremontcompanies.com or 800.696.4543.
Login To PrismDoes the benefit for group life insurance always decline as the subscriber ages?
No. Most group life insurance plans start reducing the benefit according to an age-reduction schedule, however, MetLife’s voluntary life plan does not. A little nugget that may be helpful for you to discuss with your clients.
Typically, the benefit for group life insurance (both employer-sponsored and voluntary) declines starting at age 65. Below is the average reduction schedule for the most common group plans (the reduction is expressed as a percentage of the original benefit amount):
Age Benefit Reduction
65 30%
70 55%
75 75%
Retirement 100%
As you can see, starting at age 65, the benefit declines dramatically. For example, a basic life policy with a $50,000 benefit will decline to $35,000 at age 65 and will only pay $12,500 by age 75.
On the other hand, the benefit amount of MetLife’s voluntary life insurance plan does not decline as the subscriber ages. A $50,000 benefit established at age 60, stays at $50,000. In addition, the plan:
As with most ancillary coverage, terms are flexible if you are willing to pay. Carriers will allow the contract owner to “buy out” the age reduction schedule by paying more in premium. This is true of most plans, including MetLife’s employer-sponsored plans, but the beauty of MetLife’s voluntary life plan is that there is no cost for eliminating the age reduction schedule.
There may be a more recent answer to this question. Contact Claremont for an update.