1 Life Insurance Financial Protection for your family EN-1077 (10-10)
2 What would your family do without you? Life can change in a heartbeat. If you should die tomorrow, what will happen after youre gone?
3 Term Life Insurance Types of Life Insurance High face amounts for your working years Whole Life Insurance Lower face amounts, with premiums that do not increase over time and portable into retirement
4 Should I purchase whole life, or term life insurance? Term life insurance allows you to get more coverage for less money today Competitive and affordable rates Convenient payroll deduction Good to have during your working years Whole life insurance allows you to secure coverage at an affordable premium for your entire life Premiums do not increase At age 80 and beyond have the same policy at the same price Since these policies work differently, many employees are well suited to purchase a policy of both types so that multiple needs in their financial picture are addressed
5 Why consider two life plans? As you go through different life stages, one life insurance policy probably won't meet all your needs. Unum's group term life and interest-sensitive whole life insurance options both provide a death benefit. But they also offer some additional features that make them quite different. For example, group term life coverage offers affordable coverage for your working years. But this coverage may end if you leave your employer or retire. Interest-sensitive whole life can accumulate cash value. You can use that to purchase a paid-in-full policy later in life for a lower benefit amount. Since you own this policy, you can keep it if you leave your job or retire. Depending on your needs, you may wish to apply for one or both of these life benefits:
6 Whatever your stage of life, there's a good chance someone relies on you. If something happened to you during your working years, it would have a financial impact on their lives. Why should I consider term life insurance? People use life insurance to: Replace your income during working years Payoff debt that could potentially burden your family Use the worksheet to help you figure out how much coverage you may need
7 Term Life Insurance: Policy features Term life insurance plan is voluntary. You can choose whether or not to purchase coverage, and buy only the amount that is right for your needs. Group rates = affordable premiums Ability to cover self, spouse, & dependents Ability to cancel coverage at any time if you no longer need it Guarantee Issue underwriting may be available within defined limits
8 Why should I consider whole life insurance? You wont be young forever!! Might you want life insurance that you can afford your whole life, even after you retire?
9 Coverage for the entire family! Who can have it?Whats the benefit amount? How long can they keep it? Spouse policy Ages 15-80 Minimum policy amount of $2,000. Actual benefit amount based on coverage amount chosen and age at issue. Even if you leave your employer, you can keep your spouses policy and be billed directly at home. Child policy No employee or spouse purchase needed. Same eligibility and issue ages as child rider. Policies are individual. Benefit amounts based on age at issue and premium selected. Your children can keep it, even if you leave your employer. Eligibility All employees eligible for Zionsville Community Schools medical insurance Coverage choices Employee guarantee issue purchase options up to defined limits: no health questions January-February 2013 only! Spouse coverage options available Child/Grandchild standalone policy is $1, $2 or $3 per week.
10 Whole Life Insurance: Policy features Unums interest-sensitive whole life insurance plan is voluntary. You can choose whether or not to purchase coverage, and buy only the amount that is right for your needs. In addition to providing death benefits, the policy can build cash value, which may be utilized during your working years. The policy includes a Living Benefit Option to all employee, spouse and child/grandchild policies. The policys accumulated cash value may also be used to buy a smaller, paid-up policy on which no further premiums are due. Available for employees ages 15-80 who meet the eligibility requirements. Coverage for dependents is available on a stand alone basis. Your employer has elected for you to receive the Waiver of Premium Rider.
11 Whole Life Insurance: Policy features Guaranteed - Level Premium Guaranteed Death Benefit – will not reduce Guaranteed - Cash Value Accumulation Guaranteed - Fully Portable at Employment Separation
12 Wrap up You might need life insurance to replace your earning power, payoff debt, and provide security for a loved one in the event of your untimely death Zionsville Community Schools offers you two types of life insurance that you may purchase: term life insurance and whole life insurance An enrollment counselor is expected to be in your building soon, and can help you decide if either or both policy types are right for you