|
Interest-Sensitive
Whole Life Insurance
How would your family get by if
something happened to you suddenly and they could no
longer rely on your paycheck?
With UnumProvident’s interest-sensitive
whole life insurance, you can help give your family
the added financial protection they may need in the
event that something unexpected happens.
Interest-sensitive whole life insurance is voluntary,
which means you choose whether or not to purchase
coverage, and buy only the amount of coverage that is
right for your needs. You pay your premiums through
convenient payroll deduction, so there’s no more
worrying about writing checks or mailing payments.
And, because you own your policy, your coverage is
portable, which means you can take your policy with
you if you leave the company, and carry your life
insurance into your retirement.
AFFORDABLE INSURANCE PROTECTION UnumProvident’s interest-sensitive whole life
insurance is designed to provide death benefits to
your beneficiaries if you pass away, but it also can
build cash value that you can utilize while you are
still alive. At an affordable premium, you can have
the added financial protection you and your family may
need during times of uncertainty.
CASH VALUE ACCUMULATION
Interest-sensitive whole life insurance can build cash
value that earns interest. The interest rate your
policy is credited with will never be less than the
guaranteed minimum rate of 4.5%. Under current law,
taxes are deferred on these interest earnings. After
sufficient cash value has accumulated, you may borrow
from your policy. The policy’s cash value may also be
used to provide you with an amount of paid up
insurance. This means that you can use the accumulated
cash value to buy a smaller, “paid up” policy, on
which no further premiums are due.
POLICY OWNERSHIP AND PORTABILITY
UnumProvident’s interest-sensitive whole life
insurance policy is individual voluntary coverage and
you are the owner of your policy. Also, your policy is
portable, which means that if you leave the company,
you can take it with you and still pay the same
premium. UnumProvident will bill you directly at home.
EXCELLENT CUSTOMER SERVICE
During enrollment, a benefits counselor will be
available to answer any questions you may have about
interest-sensitive whole life insurance. If you have
questions about your policy after enrolling, simply
pick up the phone and call us at 1-888-859-7555. We’re
here for you.
INFORMATIVE ANNUAL STATEMENTS
Each year, UnumProvident will mail you an annual
policy statement reporting what you have paid, how
much cash value you have, plus any loans, interest
credited and insurance company charges. These
statements are easy to understand and provide a
valuable record of your policy activity.
FAMILY COVERAGE OPTIONS
The following coverage options are available to help
protect your family’s financial needs. You choose whom
you want to cover and how much coverage is necessary
for your personal situation. It’s flexible and
affordable insurance protection!
Spouse Coverage
You may apply for coverage for your spouse even if you
choose not to apply for coverage yourself. As long as
your spouse is able to perform the normal duties and
activities of someone his or her age, and has not been
hospitalized within six months of enrollment, coverage
may be applied for at first eligibility just as you
would apply for coverage yourself. Otherwise,
application may be made by answering a few health
questions. This standalone spouse policy is an
affordable way to help provide additional financial
protection for your family.
Children’s Coverage
In order to provide you with the most suitable
insurance plan for your children, you may select from
one of the two choices below.
• Interest-Sensitive Whole Life Insurance
You may apply for an interest-sensitive whole life
policy for your children, stepchildren, legally
adopted children and grandchildren, ages 14 days
through age 24. It is an affordable, easy way to start
an individual policy for children!
• Children’s Term Rider
With an adult policy, this rider is available to all
children, stepchildren, and legally adopted children
of eligible employees for one affordable premium.
Children must be between the ages of 14 days and 24
years and eligible employees must be under age 65 to
apply. As children reach age 25, they are guaranteed
the right to purchase up to five times the amount of
their rider coverage in life insurance, regardless of
their health or occupation at the time they convert.
**NOTE: The day your youngest child turns 25
the coverage will terminate, The deduction however
will not change unless you notify AIA of this event.
Please call AIA if this is your situation, to get
the Child Term Rider removed from your policy.
ADDITIONAL COVERAGE OPTIONS
Long Term Care Rider
The Benefits of the Long Term Care Rider
The Long Term Care
Rider is designed to provide you access to your
policy’s death benefit to help cover the expenses
related to long term care.
-
Available at
initial offering to employees and spouses ages 18 -
70. All newly eligible adult policies will
automatically receive the Long Term Care Rider.
-
Available
with base policy face amounts of at least $10,000.
-
Provides a maximum
monthly benefit for nursing home care of the lesser
of- 4% of the death benefit, less any policy debt at
the end of the elimination period; or -$3,000
-
Provides a maximum
monthly benefit for home health care or adult day
care of the lesser of:-2% of the death benefit,
less any policy debt at the end of the elimination
period; The actual monthly cost incurred; or-$1,500
-
Benefits
are payable once you have been receiving long term
care for 90 days, subject to rider conditions.
-
Provides
for a waiver of policy monthly deductions even if
your policy does not have the Waiver of Premium
Rider.
-
The
maximum lifetime payout is equal to 100% of the
death benefit, less any policy debt.
-
Cost is 3% of the
basic policy premium.
Benefits and amounts may vary by state. Please refer
to your Outline of Coverage for complete details.
FREQUENTLY ASKED QUESTIONS
Is this same coverage available to an individual not
employed at my company?
No, UnumProvident’s interest-sensitive whole life
insurance is available exclusively through your
employer.
Does this policy automatically replace any of my
existing group insurance coverage?
No. Interest-sensitive whole life is a supplemental
insurance policy and is designed to complement and
enhance your group coverage.
May I increase my coverage in the future?
Yes, interest-sensitive whole life coverage can be
increased to meet your changing needs. During a
standard enrollment period, you may apply for
additional coverage up to the maximum amount available
for your age. A new policy will be issued to reflect
your new coverage amount.
May I insure my spouse and/or my children even if I
don’t participate in this plan?
Yes, coverage is available for your spouse and
children even if you choose not to purchase coverage
for yourself. Certain minimal underwriting
requirements may apply. Ask your benefits counselor
for more details during enrollment.
May I take a loan on my policy?
Yes, you may borrow part of your cash value from the
policy at an annual interest rate of 8.0% per year.
How will I be kept informed of my cash value?
Each year, you’ll receive a statement from
UnumProvident containing details on how much you paid
into your policy during the preceding year and how
much interest has accumulated. It will also show any
loans and insurance company charges in an easy to read
format.
Does my policy have a surrender charge?
If you surrender your interest-sensitive whole life
policy during the first 19 years of coverage, a
surrender charge will apply. Due to the long-term
nature of this coverage and UnumProvident’s ability to
pay current interest rates on policy values, this
charge decreases each year until there are no further
charges beginning in the 20th year.
If I’m currently a tobacco user, what do I need to do
in order to qualify for the non-tobacco use discount?
You are eligible for the non-tobacco use discount only
if you have not used any tobacco product within the
past 12 months. Your benefits counselor can help you
obtain a non-tobacco use form.
Policies or provisions may vary by state. The policy
has exclusions and limitations which may affect any
benefits payable. This policy is not available in New
York or New Jersey.
csr@americasinsuranceadvisors.com
1-888-859-7555
Home
| How to Contact Us
|
