The Business Council Insurance Fund enjoyed one of its best years ever in 1998, even though many members are not taking full advantage of the Fund's competitively priced insurance offerings.
"More than half of Council members buy their employees' life insurance from The Business Council Insurance Fund," said Bob Crandall, The Council's director of member services.
"But many of these members could save even more on premiums if they also got their disability and dental plans from our Insurance Fund."
The Fund is a trust created in 1956 to help Business Council members, especially small and medium-sized firms, buy low-cost life insurance benefits by joining one large, cost-effective plan.
The success of the life offerings led to the offering of disability and dental insurance.
"The Fund has historically boasted both financial stability and competitive rates because the Fund builds no profit margin into its rates," Crandall said. This break-even pricing has helped the Fund hold rates down throughout its 43 years.
In some years, the Fund has reduced rates or declared "premium holidays"-months in which the fund balance was strong enough to allow ratepayers to skip a month's premium payment.
All of the Fund's insurance offerings have performed especially well in recent years, Crandall noted. Since 1997, new sales have increased in life insurance and accidental death and dismemberment (53 percent), dental insurance (28 percent), and disability insurance (247 percent).
The Fund covers more than 122,000 employees for $4 billion in life benefits, all fully insured by the Hartford Life Insurance Company.
"Business Council members should encourage their insurance brokers and/or benefits coordinators to contact the Insurance Fund whenever group life, disability, or dental benefits are being considered," Crandall said.
"Our rates are extremely competitive," he added. "Why not take full advantage of the benefits of Business Council membership?"