The rate of missed work days related to violence is nearly 20 times higher for public safety employees than for private-sector workers. In response, Colonial Life now offers a lump-sum benefit for a covered injury due to a nonfatal gunshot wound.
PRODUCT: Gunshot wound policy
COMPANY: Colonial Life & Accident Insurance
BEST RATING: A (Excellent)
AVAILABILITY: Coverage is available through appointed independent agents and brokers.
FOCUS: It’s no surprise that police officers have a higher risk of gunshot wounds than most employees. In fact, the rate of missed work days related to violence is nearly 20 times higher for public safety employees than for private-sector workers, according to the Bureau of Labor Statistics. And among local government employees, police and sheriff’s patrol officers lead the way in missed workdays due to injury or illness.
In response, Colonial Life has enhanced its gunshot wound coverage to provide a lump-sum benefit for a covered injury due to a nonfatal gunshot wound. The enhanced coverage includes an increased benefit amount: up to $5,000.
“Our public-sector customers requested this coverage enhancement to meet the needs of their employees who require a higher level of financial protection,” says Steven Johnson, vice president of products and market development at Colonial Life. “We believe America’s workers who put their lives on the line to protect others should have access to more protection.”
UNDERWRITING: The policy provides a benefit for a nonfatal gunshot wound from a conventional firearm and covers gunshot wounds on or off the job, wherever they occur. It pays benefits regardless of any other insurance the employee may have, but requires treatment by a doctor and hospitalization within 24 hours of the injury. If the insured is shot more than once in a 24-hour period, they will only receive benefits for the first wound.
“Coverage is available to new or existing Colonial Life customers, including employees who already have this coverage and want to transfer to a higher benefit,” Johnson explains. “It’s offered on a guaranteed issue basis, so any employee can be covered without answering health questions.”
The plan is portable, so employees can keep the coverage with no increase in premiums, even if they change jobs or retire. The policy is compatible with a health savings account. Unless otherwise specified, Colonial Life pays benefits directly to employees, who can use the money to pay medical bills, household bills and expenses health insurance does not cover, such as copayments and deductibles.
The maximum benefit amount is $5,000. Employers may offer this level or choose a lower maximum. Employees may choose the lump-sum benefit amount based on their needs, offered in $1,000 increments up to $5,000.
MINIMUM PREMIUM: $1 per month per $1,000 of benefit, up to $5,000 benefit.
TARGET: Public-sector employees, age 17-64, who actively work at least 15 hours per week on a regular basis. This includes police officers, fire fighters and emergency medical technicians, as well as private security company employees.
COVERAGE TERRITORY: All U.S. states except CT, FL, MN, NY and PA.
CONTACT: Steven Johnson, vice president of products and market development; Colonial Life & Accident Insurance Company, P.O. Box 1365, Columbia, SC 29202; 803-678-6599.
Ronimarie Acord is an IA contributor.
