Page 14 - NH NC Guide
P. 14
Permanent Whole Life Insurance
Permanent Whole Life Insurance
Employees are eligible for the whole life insurance by Unum which offers you a
permanent life insurance option with guaranteed premiums based on your current
age. In addition to whole life insurance, this plan also includes a long term care
(LTC) beneit which you can use in times of need.
Hypothetical Example
Employee elects $25,000 Life Insurance Policy
LTC pays 6% monthly beneit for either a long
term care facility or assisted living facility $1,500 per month
Pays 4% of your life insurance face amount for $1,000 per month
either home health care or adult day care
Payments reduce the death beneit until exhausted (approximately 16 months)
Beneits are payable after 90-days if you are unable to perform two activities of daily living
(eating, bathing, dressing, toileting, transferring)
X Guaranteed issue—each year, during open enrollment, you can elect this
coverage without medical questions
Z Employee: up to $75,000 for ages 15–50, up to $40,000 for ages 51–80
Z Spouse: up to $25,000 for ages 15–50, up to $10,000 for ages 51–80
Z Child(ren): up to $25,000, for ages 0–26
X Portable—you own this policy; you can keep the policy if you leave or retire
and you will pay the same premium
X Level premiums—premiums are level for life and are locked in at your current
age; the death beneit is level as well and remains the same throughout your
lifetime
X Cash value—this policy accumulates cash value; you can borrow funds from
this value as needed
X Tax-free beneit—premiums for this policy will be deducted on a post-tax
basis which means any beneits you receive will not be taxed
Premiums are based on your current age and tobacco usage and will be available
through the MG+BW Lockton Marketplace online website; which also provides
additional plan details.
14
New Hire Guide
Permanent Whole Life Insurance
Employees are eligible for the whole life insurance by Unum which offers you a
permanent life insurance option with guaranteed premiums based on your current
age. In addition to whole life insurance, this plan also includes a long term care
(LTC) beneit which you can use in times of need.
Hypothetical Example
Employee elects $25,000 Life Insurance Policy
LTC pays 6% monthly beneit for either a long
term care facility or assisted living facility $1,500 per month
Pays 4% of your life insurance face amount for $1,000 per month
either home health care or adult day care
Payments reduce the death beneit until exhausted (approximately 16 months)
Beneits are payable after 90-days if you are unable to perform two activities of daily living
(eating, bathing, dressing, toileting, transferring)
X Guaranteed issue—each year, during open enrollment, you can elect this
coverage without medical questions
Z Employee: up to $75,000 for ages 15–50, up to $40,000 for ages 51–80
Z Spouse: up to $25,000 for ages 15–50, up to $10,000 for ages 51–80
Z Child(ren): up to $25,000, for ages 0–26
X Portable—you own this policy; you can keep the policy if you leave or retire
and you will pay the same premium
X Level premiums—premiums are level for life and are locked in at your current
age; the death beneit is level as well and remains the same throughout your
lifetime
X Cash value—this policy accumulates cash value; you can borrow funds from
this value as needed
X Tax-free beneit—premiums for this policy will be deducted on a post-tax
basis which means any beneits you receive will not be taxed
Premiums are based on your current age and tobacco usage and will be available
through the MG+BW Lockton Marketplace online website; which also provides
additional plan details.
14
New Hire Guide
