What is term life insurance?
Term life insurance is comprehensive coverage for a specified period of time, 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 100 Life Insurance benefits can assist with end of life expenses, such as funeral services, medical bills and taxes.
Is a medical exam required to apply for coverage?
No medical exam may be required to apply for coverage. Acceptance is generally based on your answers to a few health questions on your application.
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 at the time you apply. Often as you get older, the harder it can be to qualify for life insurance protection and rates generally get higher due to age. With Term to Age 100 coverage, your group rates will never change, unless rates change for everyone under the Master Group Policy. As you age, the coverage face amount does not change, meaning the death benefit is not reduced.
What is a premium?
The premium is the payment you make for an insurance certificate.
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 45-80.
Can my insurance be terminated?
Your coverage can never be cancelled individually even if your health changes as you age. Coverage continues until age 100 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.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.
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 100 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.
*Not available in all states.
1 Fees 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 certificate for full details. Your beneficiary will be paid the remaining life insurance benefit, if any, upon your death.