Page 16 - 2016 New Hire Guide
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New Hire Guide
Voluntary Whole Life Insurance
Residents of Pennsylvania are eligible for the whole life insurance
with long term Care (LTC) beneit. This plan offers you a permanent
life insurance option with guaranteed premiums based on your
current age. In addition to the permanent whole life plan, this
coverage includes a long term care (LTC) beneit you can use during
times of need.
Hypothetical Example:
Employee elects $25,000 life insurance policy
LTC pays 6% monthly beneit for either a long term care $1,500 per month
facility or assisted living facility
Pays 4% of your life insurance face amount for either $1,000 per month
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 2 activities of
daily living (eating, bathing, dressing, toileting, transferring).
Guaranteed issue—each year during open enrollment, you can
elect this coverage without medical questions
Employee: up to $75,000 for ages 15–50, up to $40,000 for
ages 51–80
Spouse: up to $25,000 for ages 15–50, up to $15,000 for ages
51–80
Child(ren): up to $25,000, for ages 0–26
Portable—you own this policy; you can keep the policy if you
leave or retire and you will pay the same premium
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
Cash value—this policy accumulates cash value; you can borrow
funds from this value as needed
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 online enrollment site.
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Voluntary Whole Life Insurance
Residents of Pennsylvania are eligible for the whole life insurance
with long term Care (LTC) beneit. This plan offers you a permanent
life insurance option with guaranteed premiums based on your
current age. In addition to the permanent whole life plan, this
coverage includes a long term care (LTC) beneit you can use during
times of need.
Hypothetical Example:
Employee elects $25,000 life insurance policy
LTC pays 6% monthly beneit for either a long term care $1,500 per month
facility or assisted living facility
Pays 4% of your life insurance face amount for either $1,000 per month
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 2 activities of
daily living (eating, bathing, dressing, toileting, transferring).
Guaranteed issue—each year during open enrollment, you can
elect this coverage without medical questions
Employee: up to $75,000 for ages 15–50, up to $40,000 for
ages 51–80
Spouse: up to $25,000 for ages 15–50, up to $15,000 for ages
51–80
Child(ren): up to $25,000, for ages 0–26
Portable—you own this policy; you can keep the policy if you
leave or retire and you will pay the same premium
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
Cash value—this policy accumulates cash value; you can borrow
funds from this value as needed
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 online enrollment site.
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