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 70 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 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. 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 is the benefit of Group Life Insurance?
Your status as a union member means you and your spouse can purchase valuable life insurance protection at affordable group rates. Group life insurance typically offers lower rates than you could receive as an individual for the same coverage and benefit package. Group insurance also means you can never be singled out for a rate increase, or a change in benefits, even if your health changes as you grow older.
What are my rates based upon?
Your rates for coverage are based on your age and gender at the time you apply and your tobacco and or nicotine use. Premiums are locked in for 5-year age brackets. While your rates will go up every five years as you age, group rates will never change, unless rates change for everyone under the Master Group Policy.
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 my children eligible for coverage?
You are eligible to apply for coverage for all unmarried dependent children who are at least 14 days old and under 21 years old.1
Can my insurance be terminated?
Your coverage can never be canceled individually even if your health changes as you age. Coverage continues until age 70 as long as premiums are paid when due, you remain a union member, the group policy remains in force and is not modified by the policyholder to end insurance for the group of insureds to which you belong.
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.2
Collect up to 50% of the available face amount benefits should you require a heart, lung or liver transplant.2
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. The waiver may be used once in any period of 12 consecutive months. You must resume paying your premiums at the end of the 3 month period in order to keep your Certificate in force.
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
Coverage is 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 70 Life Insurance features. Once approved for coverage, it is important that you read your Certificate of Insurance 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 or when he/she is no longer a full-time student. To continue coverage for dependent child who is enrolled as a full time student and 21 years of age, written notice to the Carrier must be received 60 days in advance of the dependent’s 21st birthday.
2Fees apply. Use of accelerated death benefits will result in a reduction of the face amount. An administration fee of up to $250 may also apply and the benefit you receive may be taxable. You should consult a tax advisor for more information. Please check your certificate for full details. Your beneficiary will be paid the remaining life insurance benefit, if any, upon your death.
