What is term life insurance?
Term life insurance is comprehensive coverage for a specified period, or term. This type of coverage can safeguard your family’s financial future by helping replace lost income for their ongoing life expenses. Renewable Term Life Insurance can provide much-needed protection and assist with mortgage payments, college tuition and other day-to-day expenses.
What does renewable mean?
After your initial term coverage expires, you have a couple options. You may have the opportunity to provide proof of insurability and apply for an additional term period based on your age at renewal or you can renew annually to age 85 with no medical exam. You also have the option to convert to a Whole Life Insurance policy.
Is a medical exam required to apply for coverage?
No medical exam may be required for members under age 55 who choose benefit amounts of $300,000 or less. Acceptance is generally based on your answers to a few health questions on your application. If a medical exam is required, it will be done at no cost to you and at a convenient time and place that you choose.
What are my rates based upon?
Your rates for coverage are based on your age at the time you apply. Once accepted, your rates “lock” for the entire term of the coverage you select, 10-Years, 15-Years or 20-Years, from the date your insurance begins.
What is a premium?
The premium is the payment you make for insurance coverage.
What is a beneficiary(ies)?
Your beneficiary(ies) is the person(s) you name in a life insurance policy to receive the death benefit.
Are there any age requirements?
Coverage is available for members and their spouses ages 18-69.
Can my insurance be terminated?
Your coverage can never be cancelled even if your health changes as you age. Coverage continues until the end of the term as long as premiums are paid when due.
What are living benefits?*
If you are diagnosed with a terminal illness or undergo an organ transplant, you can receive living benefits, which are a percentage of your available life insurance benefits. Any remaining benefits are paid to your beneficiary(ies) at time of death. The percentage of benefits is as follows:
- Collect up 100% of your available benefits if you are diagnosed with a terminal illness and meet certain conditions.1
- Collect up to 50% of the available face amount benefits should you require a heart, lung or liver transplant.1
Are there any exclusions to my coverage?
Suicide is not covered in the first two years of the coverage. In Colorado, Missouri and North Dakota, suicide is not covered in the first year of coverage. In cases of suicide, benefits are limited to a return of premiums paid without interest.
*Not available in all states
Policies are underwritten and issued by The Union Labor Life Insurance Company, Silver Spring, MD.
This information is only an outline of The Union Labor Life Insurance Company’s Renewable Term Life Insurance features. Once approved for coverage, it is important that you read your policy for the exact benefits, terms and conditions of this insurance plan as benefits, limitations, and exclusions may vary by age and State.
1Fees apply. Use of accelerated death benefits will result in a reduction of the face amount. An administration fee of up to $150 may also apply and the benefit you receive may be taxable. You should consult a tax advisor for more information. Please check your policy for full details. Your beneficiary will be paid the remaining life insurance benefit, if any, upon your death.
