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. Term to Age 80 Life Insurance benefits can assist with final expenses and/or day-to-day expenses like the mortgage, car loans, and credit card payments.
Is a medical exam required to apply for coverage?
No medical exam may be required for members who choose benefit amounts of $300,000 or less. Acceptance is generally based on your answers to a few health questions on your application. In cases where a medical exam is required, it will be done at no cost to you and at a convenient time and place.
What are my rates based upon?
Your rates for coverage are based on your age at the time you apply. For Term to Age 80 coverage, your premiums remain level until age 65. Beginning at age 65, your rates will be level each successive 5-year period until coverage expires at age 80.
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.
Is my spouse and/or children eligible for coverage?
Your spouse/partner is eligible to apply for their own policy. You can also apply for coverage through an optional rider for all unmarried dependent children who are at least 14 days old and under 25 years old.1
Can my insurance be terminated?
Your coverage can not be terminated before age 80 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 the time of death. The percentage of benefits is as follows:
- Collect up to 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
What is the Labor Dispute Waiver of Premium?
During a union-sanctioned strike or lockout lasting 30 days or more, your premium will be waived for up to 12 months one time within a consecutive 12-month period.*
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 Term to Age 80 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.
1Provisions vary by state. Coverage for a dependent child stops on the date he/she ceases to be a dependent.
2Fees 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
