Optional Benefits - Group Term Life Insurance Member Life Coverage
$15,000, $25,000 or $50,000 guarantee issue* life insurance on members
(not to exceed 5 times salary). Dependent Life Coverage
$7,500, $12,500 or $25,000 guarantee issue* of life insurance on spouse.
(Not to exceed 50% of the member coverage. Member must purchase insurance in
order for this or her spouse to be eligible for coverage.) $5,000 or $10,000 guarantee issue of life insurance on each child, ages 6 months
through 17 years. (Ages subject to state mandate, member must purchase insurance
in order for his or her children to be eligible.)
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PRODUCT HIGHLIGHTS Terminal Illness Provision1
Member can collect 50% of the death benefit (to a maximum of $25,000) if diagnosed with a terminal illness. Portable Coverage
If a member should leave the company for any reason, coverage can continue by the member simply paying the premium. Coverage continues while the group policy is in effect and the premiums are paid. Coverage can also be continued for spouse. Conversion Provisions2
Conversion policies are available for member and dependent life coverage. If the member and spouse have continued their coverage under the portability provision, they may not convert the voluntary life insurance under the conversion provision. However, they maybe eligible for conversion after portability ends. Waiver of Premium3
If a member should become disabled for 6 consecutive months and is less than age 60, he or she can keep coverage in force to the Social Security Normal Retirement Age without paying any premiums. 1. Available in the United States where approved.2. Under certain circumstances conversion policies may be available. Check your certificate for further details. 3. Eligible person must have been insured for 12 consecutive months under the plan or been on the plan since the policy effective date. *The approved guarantee issue of $25,000 applies only for cases having 25-99 eligible employees. The guarantee issue of $50,000 is only available on cases of 100+ eligible lives. For cases of 10 enrolled lives (minimum case size) the approved guarantee issue is $15,000. This would mean the guarantee issue on the spouse would be $12,500, $25,000 or $7,500.
Minimum participation requirements is 10 lives or 20% of all eligible, whichever is greater. This is a brief description of coverage provided. For the cost and further details of coverage, including exclusions, any restrictions or limitations, and the terms under which the policy may be continued in force, see your agent. Actual offerings may vary by group size and by state. Please see certificate for details. Contact USNow at 800-694-9888 for more information. |
