ONLINE BENEFITS DIRECTORY

WHOLE LIFE INSURANCE

How does it work?

You can keep Whole Life insurance as long as you want. Once you’ve bought coverage, your cost won’t increase as you age. The benefit amount stays the same, too — it doesn’t decrease as you get older. That means you get protection during your working years and into retirement.

Whole Life insurance also earns interest, or “cash value,” at a guaranteed rate of 4.5%.“ You can borrow from that cash value, or you can buy a smaller, paid-up policy — with no more premiums due.

What’s included?

A “Living” Benefit

You can request an early payout of your policy’s death benefit (up to $150,000 maximum) if you’re expected to live 12 months or less. It would reduce the benefit that’s paid when you die.

Waiver of Premium

If you’re disabled for at least six months before age 65 and you remain disabled, you won’t have to pay premiums until you recover and return to work.

Long Term Care Rider

You may be able to use your death benefit to pay for long term care. Subject to rider conditions. See your plan administrator for more information.

Why should I buy coverage now?

  • It’s more affordable when you’re younger. Once you’ve bought coverage, your cost stays the same as long as you keep it.
  • The cost is conveniently deducted from your paycheck.
  • Whole life gives you valuable protection in addition to any term life insurance you

What else can I add?

An Accidental Death Benefit

This increases the payment your family would receive if you die from a covered accident before age 70.

  •  Available for you and your spouse, age 15-65
  •  Doubles the death benefit, which could add up to $150,000 extra coverage

This option will increase your cost

Who can get coverage?

CoverageDetails
YouYou can purchase coverage for as little as $3 weekly, as long as the minimum benefit is at least $2,000. The benefit amount is based on the premium amount you select, your age when coverage begins, and whether you use tobacco.
Your Spouse: Individual CoverageAvailable (or your spouse, ages 15-80, even if you don't purchase coverage (or yourself II you leave your employer, you can keep this coverage and be billed at home. You can purchase coverage (or as little as $3 weekly, as long as the minimum benefit is at least $2,000. The benefit amount is based on the premium amount you choose, your spouse's age when coverage begins, and whether they use tobacco.
Your Children: Individual CoverageYour children and grandchildren can have individual coverage, even if you don't get coverage tor yourself. If you leave your employer, your children can keep their coverage. You can purchase coverage tor each child for as little as $1 a week.

 Sample Rates** 

Chose the plan that is right for you;

Lifetime Premium

You’ll have coverage as long as you make your payments. Your premiums are spread out over your lifetime.

 

Issue AgeCoverage AmountGuaranteed cash value at 65
$3 weekly cost
25$17,910$6,215
35$11,650$3,629
45$6,949$1,767
$6 weekly cost
25$35,821$12,430
35$23,301$7,260
45$13,898$3,534
$9 weekly cost
25$53,731$18,646
35$34,951$10,890
45$20,846$5,302

**Sample rates shown are for non-tobacco users.
Cash values may vary for policies prior to 1/1/2020

Paid-up at 70

If you’re between 15 and 50, you can pay an adjusted premium so your payments end when you turn 70. Then you’ll continue to keep coverage, with no more payments due.

Issue AgeCoverage AmountGuaranteed cash value at 65
$3 weekly cost
25$15,264$5,964
35$9,665$3,634
45$5,387$1,875
$6 weekly cost
25$30,528$11,928
35$19,331$7,270
45$10,773$3,751
$9 weekly cost
25$45,793$17,893
35$28,996$10,905
45$16,160$5,627

Advantages of the Long Term Care Rider

  •  Available at initial offering to employees and spouses ages 15 to 70. All newly eligible adult policies will automatically receive the Long Term Care Rider
  •  Available with policy’s specified amount (face amount) of at least $10,000
  • For long term care facility, nursing home care or assisted living facility, provides a maximum monthly benefit that is the lesser of:
    • 6% of the death benefit, less any policy debt at the end of the waiting period, or
    • $3,000
  • For home health care or adult day care, provides a maximum monthly benefit that is the lesser of:
    •  4% of the death benefit, less any policy debt at the end of the waiting period;
    •  your actual monthly expenses; or
    •  $1,500
  • Benefits are payable once you have been receiving long term care for 90 days, subject to the conditions of the rider
  • If you are receiving benefits, you don’t have to pay the policy’s monthly premiums, even if your policy does not have the Waiver of Premium Rider
  • The benefit period maximum is 100% of the death benefit, less any policy debt at the end of the waiting period for each benefit period
  • The cost is based on your age at issue and whether you use tobacco
  • The rider is tax-qualified, which means that any benefits you receive will not be taxed*
  • For Whole Life coverage, the following option may be available for employees and spouses age 15-50:
    • You can pay an adjusted premium, so your policy will be paid up by age 70. Your life coverage and Long Term Care coverage will continue as long as you keep your Life policy. (The Restoration Benefits Rider is not available with this option)

 *Under current tax laws
Benefits and rates may vary in some states

 Click here for information on Unum Whole Life Insurance

     Other Resources

     

     
    www.unum.com
    866-7868698

     The Piedmont Healthcare Services HR Department can be reached at hrteam@piedmonthealth.org

    HUMAN RESOURCES

    Rosalyn R. Freeman
    Director of Human Resources
    (Office) 919-537-7503
    (Fax) 919-537-0469
    freemanr@piedmonthealth.org

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