For consideration of new business at Assurity, the word “takeover” refers to a replacement of an existing carrier’s coverage. In a takeover situation, the pre-existing condition clause and the 10-month pregnancy exclusion, if applicable, will be waived during the initial enrollment for employees with prior coverage. Any employee not covered by the prior policy, including new hires, will be subject to the normal pre-existing condition clause.
Takeovers are not approved for Group Whole Life.
Home office approval of a takeover is required prior to enrollment. The minimum group size for takeover consideration is 10 eligible lives.
Upon approval for takeover, Assurity requires submission by the employer of all of the following:
•A census or a current billing from the existing carrier indicating product coverage and coverage amounts for each currently covered employee.
•A completed, employer signed Assurity Group Policyholder Application.
A formal offer will be provided subject to the following parameters:
•An endorsement will be generated for those employees with current coverage.
•For purposes of benefits offered, shelf plans should be utilized whenever possible for a takeover group. Flexible plans can be used if the situation requires to match benefits and/or premiums. Customized plans will only be considered if the employer has 1,000+ eligible lives and the broker has a positive history and track record with Assurity.
•For takeover of Disability Income policies, premium rates will reflect the waiver of the pre-existing condition clause.