Presentation is loading. Please wait.

Presentation is loading. Please wait.

Group voluntary term life insurance

Similar presentations


Presentation on theme: "Group voluntary term life insurance"— Presentation transcript:

1 Group voluntary term life insurance
EN-1077 Group voluntary term life insurance Review of features Hello. My name is _________. I’m a benefits representative with Unum. I’m here on behalf of [Company Name] to give you some helpful information about a new benefit available to employees – it’s called Group voluntary term life insurance. Your HR department wants to make sure you understand enough about this benefit to decide whether it is right for you. So I will spend the next [10-15] minutes…. - Giving you an overview of the plan… - Explaining how this plan could benefit you and your family… - And answering any questions you may have. Since I don’t work on commission, there’s no pressure for you to buy anything. My goal today is to provide you with the information you need so you can make the best decision concerning this benefit. Are there any questions before I begin? Presenter’s name/Date EN-1077 (03-13) KS 10-10

2 Review of features Optional- use if AD&D is offered
EN-1077 Group term life insurance with accidental death & dismemberment Review of features Hello. My name is _________. I’m a benefits representative with Unum. I’m here on behalf of [Company Name] to give you some helpful information about a new benefit available to employees – it’s called Group voluntary term life and accidental death and dismemberment insurance. Your HR department wants to make sure you understand enough about this benefit to decide whether it is right for you. So I will spend the next [10-15] minutes…. - Giving you an overview of the plan… - Explaining how this plan could benefit you and your family… - And answering any questions you may have. Since I don’t work on commission, there’s no pressure for you to buy anything. My goal today is to provide you with the information you need so you can make the best decision concerning this benefit. Are there any questions before I begin? Presenter’s name/Date Optional- use if AD&D is offered KS 10-10

3 Why Unum? Proven experience We listen to you We put people first
Unum has 160 years in the benefits business We listen to you Highly trained benefit specialists ready to assist you We put people first Professional, prompt, courteous service during difficult times Financial stability Solid financial ratings, even in today’s tough economy [Refer to slide.] You may wonder why your company chose Unum as your life insurance provider. The reason is simple! … Unum is one of the top insurance providers in the industry with 160 years of experience in the benefits business. Unum is committed to being there when you need us the most. In the midst of the economical crisis, Unum consistently demonstrates financial stability and has been ranked with solid ratings! Most of all, we are a company of people serving people!. KS 10-10 3 3

4 What would your family do without you?
EN-1077 What would your family do without you? Life can change in a heartbeat. If you should die tomorrow, what will happen after you’re gone? Death is not an easy topic for sure, yet, we know that at some point or another, all of us will pass on… Have you thought about what will happen to those you care about after you are gone? Think about the people you love who depend on you. Could they continue to afford a home or go to college? If you have elderly parents, would they need someone to take care of them the way you do? Your family would continue to face the challenge of everyday expenses – outstanding debts; mortgage payments; ongoing expenses like utilities, food, daycare and health insurance; and investments in the future of your spouse and children, such as education and retirement savings. What about final expenses; outstanding medical expenses; funeral costs? Your employer may provide you with basic term life insurance, which is a good foundation, however, it may not provide enough coverage to cover your needs and it may not be portable. Transition statement: As a possible solution, your employer has made this life insurance plan available to you. Group voluntary term life insurance can help you put a plan in place that protects your family if something happens to you. KS 10-10 4

5 The solution – Unum group term life insurance
EN-1077 The solution – Unum group term life insurance Term life insurance can provide benefits to help reduce financial stress for family members if you die during your working years. Term life insurance provides insurance coverage for the period during which premiums are paid and is the simplest and least expensive form of life insurance. Term life insurance is not: Term life is not a whole life plan Term life has no cash value Whole life provides a death benefit and/or can be used as a savings vehicle and tends, therefore, to be more expensive. Go over slide Elizabeth’s story Everyone’s needs are different and in Elizabeth’s case, her kids’ future was one of the main factors she took in consideration to figure out how much life insurance she needed. There are many triggers for changes in your need for life coverage, for instance: • Buying a home • Taking on debt • Changing jobs • Having a child • Getting married • Supporting aging parents • Changes in your business • Changes in marital status • Planning for college • Planning for retirement Transition statement: How much life insurance do YOU need? KS 10-10 5

6 The solution – Unum group term life insurance
EN-1077 Use if AD&D is offered The solution – Unum group term life insurance Term life insurance can provide benefits to help reduce financial stress for family members if you die during your working years. Term life insurance provides insurance coverage for the period during which premiums are paid and is the simplest and least expensive form of life insurance. Term life insurance is not: Term life is not a whole life plan Term life has no cash value Whole life provides a death benefit and/or can be used as a savings vehicle and tends, therefore, to be more expensive. Go over slide Elizabeth’s story Everyone’s needs are different and in Elizabeth’s case, her kids’ future was one of the main factors she took in consideration to figure out how much life insurance she needed. There are many triggers for changes in your need for life coverage, for instance: • Buying a home • Taking on debt • Changing jobs • Having a child • Getting married • Supporting aging parents • Changes in your business • Changes in marital status • Planning for college • Planning for retirement Transition statement: How much life insurance do YOU need? KS 10-10

7 How much insurance do you need?
EN-1077 How much insurance do you need? People use life insurance to: Pay for their final arrangements Provide financial protection for those who rely on their income If others rely on your income, use this worksheet to figure out how much coverage you need. Consider this worksheet to determine how much insurance you would need if something happened to you. Engage the group in discussion, either by working through an example on an easel, encouraging the group to complete their worksheets with you, or using members throughout the exercise that exemplify the group’s social/economic situation. Calculate need: First, think about how long you would like to provide for your family financially to give them time to adjust to the loss of your income (or your spouse’s). You may want to provide enough for them to pay off any substantial debts completely, such as a mortgage. Or, do you want to define a specific time period during which you’d like to provide support? Financial worksheet: Outstanding debts – refers to loan balances or bills, car loans, school loans. Housing expenses – this could be an amount that would pay off your mortgage. Or, you could multiply the number of months of rent or mortgage payments you’d like to provide by your monthly housing expense. Ongoing expenses – expenses you have every month such as utilities, food, daycare, etc. Future plans – this space is for plans you’ve made with your family, such as education for your children, retirement, long term care expenses Total – the sum illustrates the amount of money your family may need; shows how this insurance can help with your family’s need and the real income that will be available if you or your spouse dies. Potential need – consider the financial impact of the loss of your income or your spouse’s. Do you have sufficient coverage? Current coverage – you should deduct any life insurance coverage you already have from this amount. (Refer to current coverage at work.) Do you have individual life coverage? Consider the difference between the amount of life insurance you currently have and the amount of coverage your family may need. Purchasing this amount of coverage may mean the difference between your family just getting by and providing the ability to meet current commitments and to continue with plans for a solid future. Re-enrollment – If you are already enrolled in this plan? Are all of the current and upcoming needs identified on the worksheet sufficiently covered? If not, now is an ideal time to increase your coverage amount. Transition statement: We’ve talked about why it’s important to provide insurance protection from the financial hardships that death can cause. And, we’ve worked through some numbers to help you to determine your needs. Now, let’s talk about your coverage options… KS 10-10

8 Coverage — for you Employee eligibility Coverage choices
EN-1077 Coverage — for you Employee eligibility Coverage choices Maximum coverage amount Minimum coverage amount **Use this slide only if dependent coverage is not offered** Eligibility: Actively at work means on the day you apply for coverage, you are being paid by your company for working at least [X] hours each week at one of its business locations or at a location where you represent the company (if applying for coverage on a day that is not a scheduled work days, then EE is considered actively at work if EE meet this definition as of the last scheduled work day. Normal vacation is considered active employment). Enroller note: Be sure to discuss specific offering at this time. Describe coverage amounts – flat amounts, base/buy-up amounts, incremental amounts, or x salary amounts. Offers flexibility in coverage choices: You can choose the appropriate amount of coverage. You have the opportunity to adjust the amount of life insurance to keep pace with your changing needs. Keep in mind the amounts we estimated using the worksheet and determine the amount that best meets your needs. Guarantee Issue: Eligibility for coverage is guaranteed (if you meet eligibility requirements) up to $______ if you enroll during this enrollment period. Guarantee issue is also referred to as a “no evidence limit,” because no evidence of insurability is required. Re-enrollment: If you already have group term life coverage, you have the opportunity to increase your existing coverage up to the guarantee issue maximum (specify amount) without evidence of insurability. You can use this re-enrollment period to help keep pace with your changing needs. KS 10-10

9 Coverage — for you, your spouse and dependents
Use if dependent cov. offered Coverage — for you, your spouse and dependents Eligibility Coverage choices Maximum coverage amount Minimum coverage amount Available family coverage (if offered by your employer) Who can have it? How long can they keep it? Spouse Available with purchase of employee coverage; your spouse may be required to answer a few health questions. Your spouse can keep coverage as long as you keep yours, no matter where (or if) you work. Child Available with purchase of employee coverage for eligible children, step-children, legally adopted children and grandchildren, ages 14 days through 26 years.* Ends when employee policy ends or when children turn 19 (or 26 if full-time students). They are guaranteed the right to purchase a new policy that’s the lesser of: same amount as the employee or spouse coverage, highest amount available to children, or $10,000 NOTE: For classic, the child max age could be different and the benefit amount for children could be different . Please review chart and make appropriate changes as needed. Eligibility: Employee; Retirees (if offered – not eligible for AD&D); Spouse (if offered and eligible); Children (if offered and eligible) Coverage for your spouse and dependants: Refer to chart and specify benefit amounts according to ER specific offering New enrollment: If using for new enrollment, emphasize Guarantee Issue (with eligibility requirements). Re-enrollment – if you already have group term life coverage, you have the opportunity to increase your existing coverage up to the guarantee issue maximum (specify amount) without evidence of insurability. You can use this re-enrollment period to help keep pace with your changing needs. Offers flexibility: You can choose the appropriate amount of coverage. You have the opportunity to adjust the amount of life insurance to keep pace with your changing needs. Keep in mind the amounts we estimated using the worksheet and determine the amount that best meets your needs. Coverage for you: Describe coverage amounts – flat amounts, base/buy-up amounts, incremental amounts, or x salary amounts. *An unmarried handicapped dependent child who becomes handicapped prior to the child's attainment of age 26 may be eligible for benefits. Please see your plan administrator for details on eligibility KS 10-10

10 Features that add value
EN-1077 Features that add value If you become terminally ill and are not expected to live more than 12 months, you may request a certain percentage of your insurance amount. Upon your death, any remaining benefit will be paid to your designated beneficiaries. Accelerated benefit Benefits can be paid through a deposit made to an interest- bearing account to your beneficiaries. (Applies only to benefit amounts of $10,000 and over.) Retained asset account Not offered in SU cases **Choose slide based on plan design.** NOTE: Retained asset accounts only apply to Classic, we do not have RA on SU currently Accelerated benefit (if applicable): This feature makes a portion of your benefit available to you should you become terminally ill. Can request 50% of your coverage to a maximum of $750,000, 75% up to $500,000, or 100% up to $250,000 (if applicable, as of 2/20/99). It is paid directly to you without any stipulation for use. You must be certified by your physician as terminally ill and with a life expectancy of less than 12 months. Feature also applies to covered dependants. Continued premium payments are required (until you are approved for waiver of premium). If your condition goes into remission, no collection procedures will be made. Retained asset account: For benefits $10,000 and over, beneficiaries have benefits paid through a deposit made to an interest-bearing account. Beneficiaries may close the account at any time by writing a draft for the full amount or may write drafts on the accounts as needed; no monthly charges (but penalties for overdrafts); benefits under $10,000 would be paid to the beneficiary in a lump sum. Suicide exclusion: Benefits will not be paid if an insured commits suicide within the first 24 months of coverage or within 24 months on any increase in coverage. Exclusion duration varies by state (not applicable in Missouri). Note to enroller: The suicide benefit exclusion does not apply to traditional 100% ER paid group term life plans unless there are medically underwritten amounts. Transition to value-added features of the plan. KS 10-10 10

11 Value-added features Life Planning Financial & Legal
EN-1077 Value-added features Life Planning Financial & Legal Resources counseling services Comprehensive, personalized financial plan with 12 months of follow up Personalized service through a toll- free telephonic counseling session with specially trained Ceridian counselors. No sales pitches! Available to survivors or to insured individuals if terminally ill Life Planning Financial & Legal Resources : Provides financial advice and planning from impartial financial counselors. They will not try to sell you anything but rather help provide support and direction to your beneficiaries or to you and your spouse should you become terminally ill. Life Planning Financial & Legal Resources is provided by Ceridian Corporation. This service is available with select Unum insurance offerings. Exclusions, limitations and prior notice requirements may apply, and service features, terms and eligibility criteria are subject to change. Ceridian Corporation is not engaged in rendering legal advice. Users should consult with their own attorneys. The services are valid after termination of coverage and may be withdrawn at any time. Please contact your Unum representative for full details. KS 10-10

12 Value-added features Worldwide emergency travel assistance
Use if this feature is offered Value-added features Worldwide emergency travel assistance Offers a full range of emergency services, 24 hours a day, 365 days a year, including: Pre-qualified medical providers Facilities utilizing Western-style medicine Air and ground ambulance service providers Lost or stolen medication replenishment and more Worldwide emergency travel assistance services: Provides immediate emergency assistance to you, your spouse and your dependants – 24 hours a day, 365 days a year – while you are traveling anywhere in the world. These services are also available to you and your family if you are traveling 100 or more miles from home. Transition statement: Life only: Are there any questions? Please open your enrollment kit and take our your enrollment forms and rate sheets. I’d like to review them with you now, in case you have any questions. Enroller note: If you are selling term life only, go to “How to Enroll.” If selling both term life and AD&D, continue as follows. *Spouses traveling on business for their employer are not eligible for this service. Worldwide emergency travel assistance services are provided by Assist America Inc., and are available with selected Unum insurance offerings. Exclusions, limitations and prior notice requirements may apply, and service features, terms and eligibility criteria are subject to change. The services are not valid after termination of coverage and may be withdrawn at any time. Please contact your Unum representative for full details. KS 10-10

13 Exclusions Limitations/exclusions
EN-1077 Exclusions Limitations/exclusions Life insurance benefits will not be paid for deaths caused by suicide in the first 24 months after your effective date of coverage. Additionally, no increased or additional benefits will be paid for deaths caused by suicide occurring within 24 months after the day such increased or additional insurance is effective. Age reduction Coverage amounts for life insurance for you and/or your spouse will: Reduce to 65% of the original amount when you reach age 70, and Will reduce to 50% when you reach age 75. Coverage may not be increased after a reduction. NOTE: The age reduction could change and be different both on SU and Classic Review Exclusions and age reductions and when coverage ends. Termination of life coverage: Your coverage and your dependents’ coverage under the summary of benefits ends on the earliest of: the date the policy or plan is cancelled; the date you no longer are in an eligible group; the date your eligible group is no longer covered; the last day of the period for which you made any required contributions; the last day you are in active employment unless continued due to a covered layoff or leave of absence or due to an injury or sickness, as described in the certificate of coverage; for dependent coverage, the date of your death. In addition, coverage for any one dependent will end on the earliest of: the date your coverage under a plan ends; the date your dependent ceases to be an eligible dependent; for a spouse, the date of a divorce or annulment. Unum will provide coverage for a payable claim that occurs while you and your dependents are covered under the policy or plan. KS 10-10

14 EN-1077 Use if AD&D is offered Unum AD&D insurance Accidental death and dismemberment – paid in addition to the life benefit if you or a covered dependent: Die in a covered accident Suffer a covered dismemberment or disability Available coverage options Exclusions Enroller: Use this slide if AD&D is offered. Accidents are, by definition, unexpected. An accidental death can leave families without time to put finances in order and can compound the hardships that can occur with death. AD&D offers additional financial protection and it provides financial support to help during recovery and rehabilitation in the event of accidental dismemberment. Enroller: Provide detail information regarding minimum and maximum benefit offered to EE and dependents (if applicable) Benefit exclusions: Within the enrollment material provided to you there is a list of several instances in which AD&D benefits wont be payable, I’d like to take a moment to mention a few of them. We definitely encourage you to go over this list at your leisure and let us know if you have any questions. Keeping in mind this coverage provides protection against the loss due to accidents, benefits would not be paid for losses caused by, contributed to, or resulting from: disease of the body or diagnostic, medical or surgical treatment, or mental disorders; suicide, self-destruction while sane, intentionally self-inflicted injury while sane or self-inflicted injury while sane or insane; war, declared or undeclared, or any act of war; active participation in a riot; committing or attempting to commit a crime under state or federal law; voluntary use of any prescription or non-prescription drug, poison, fume or other chemical substance unless used accordingly to the prescription or direction of the individual’s doctor, etcetera. KS 10-10

15 Reasons to buy now Flexible coverage Guarantee issue
EN-1077 Reasons to buy now Flexible coverage Guarantee issue Competitive group rates Convenient payroll deduction You can keep the coverage if you leave or retire from the company Why buy now? Term life (with AD&D) can help provide financial assistance for you and your family. Obtaining coverage means that you may help ease the burden at a very difficult time for your family and friends by reducing financial concerns in the event of your death. If you are without coverage, you run the risk of leaving family or loved ones without the critical financial resources they need. This benefit allows you to make a personal choice. Choose the coverage that is right for you and your family, what you need and what you can afford. (Does not apply to traditional group term coverage) Help protect your insurability: Sign up during the initial enrollment period and obtain coverage up to your Guarantee Issue amount without answering medical questions (if you meet eligibility requirements). If you decline coverage now and apply for coverage in the future, you will be required to submit medical evidence of insurability regardless of the amount of the coverage you choose. Re-enrollment: During the re-enrollment period, you can increase your coverage up to the Guarantee Issue amount without answering medical questions (if you meet eligibility requirements). However, if you have been previously declined for coverage, you will need to complete a medical questionnaire. Why buy at work? You receive the benefit of group rates but can take the coverage with you if you leave the company or retire, as long as the premium is paid on time. And while you are at your company, your premiums will be automatically deducted from your paycheck, making premiums easy to pay and easy to figure into your budget. KS 10-10

16 Eliminate any paragraphs that don’t apply
EN-1077 Your life – it’s worth it! Review your enrollment materials. Meet with a benefit counselor today to apply for this benefit.  Call: [toll free #] to speak to a benefits representative during [specify enrollment dates]: 8 a.m.−8 p.m. ET Monday − Friday  Go online to your enrollment website:  Complete your enrollment form and return it to appropriate contact. Eliminate any paragraphs that don’t apply Call enrollment line Instruct audience how to enroll contacting a BES-T representative Enroll online Instruct audience how to enroll using self service enrollment tool Paper applications Exception only and/or traditional products with Benefit Credits] Does anyone have any questions? If you don’t feel comfortable asking them in front of the group, I’m happy to meet with you in person after this meeting is over. KS 10-10 16 16

17 Visit us on the web at unum.com
EN-1077 Visit us on the web at unum.com This information is not intended to be a complete description of the insurance coverage available. The policy or its provisions may vary or be unavailable in some states. The policy has exclusions and limitations which may affect any benefits payable. For complete details of coverage and availability, please refer to policy C.FP-1 et al or contact your Unum representative. Underwritten by: Unum Life Insurance Company of America, Portland, ME (all states except NY) First Unum Life Insurance Company, New York, NY (NY only) © 2013 Unum Group. All rights reserved. Unum is a registered trademark and marketing brand of Unum Group and its insuring subsidiaries. EN-1077 (03-13) KS 10-10


Download ppt "Group voluntary term life insurance"

Similar presentations


Ads by Google