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Home | Products | Term-to-70
Life Insurance
Frequently Asked Questions for Term-to-70 Life Insurance  COVERAGE AND DEPENDENT QUESTIONS Q. Why is UnionSecure Term-to-70 Life Insurance important to have? You’ve worked hard to keep your family secure, now’s your opportunity to help protect that security without ever having to reapply for benefits. Life insurance is essential protection of your family’s financial well-being in the case of your loss. The costs of funeral arrangements and outstanding bills are high enough, not to mention the day-to-day bills (such as the mortgage, car payment, college tuition, etc) a family will face after losing a primary provider. And with today’s rising costs and debt, many employer-sponsored life insurance plans do not provide enough coverage alone. The older you get, the harder it is to get life insurance that is both sound and economical. In fact, most plans require you to re-apply at the end of the plan’s term and modify your premium and benefits accordingly. But with UnionSecure, your union-negotiated rates stay low – and you’ll know exactly what you’ll pay as you age. The UnionSecure Term-to-70 Life Insurance plan will not change its benefits or underwriting; you do not have to reapply. And at age 70, when the policy terminates, you have the option to convert to the UnionSecure Senior Life plan - there’s no application and the Senior Life plan has no termination age. Q. What is the difference between UnionSecure's Term-to-70 Life and 10-Year Term Life plans? The Term-to-70 Life plan sets its rates in 5-year bands. No matter how your health changes over time, you will be able to maintain coverage from one band to the next. It is the best option for those members who want to know what their insurance premiums will be in the future. The 10-Year Term Life plan is for members who want coverage at a lower cost for a set 10-year period because rates do not change during the 10-year coverage period. It is best for members seeking to increase their coverage during a period when they need the most protection – for instance the years when the mortgage, college tuition and other payments are at their highest. The Term-to-70 Life plan allows members to continue coverage through age 70 without re-application; those who have the 10-Year Term Life plan need to re-apply and go through underwriting for a new 10-year coverage period. You can apply for both Term-to-70 Life and 10-Year Term Life plans up age 64. The Term-to-70 Life plan allows members to convert at age 70 to Senior Life which has no termination age; the 10-Year Term Life plan terminates at age 75. Q. How does the benefit work? If you were to die from an illness or accidental injury*, your beneficiary would receive a Life Insurance benefit after we receive proof of death. Additionally, you can receive up to 80% payout of your life insurance benefit if you suffer a terminal illness. This allows you to get up to 80% of your benefit money when you need it the most. You also get an Accidental Death benefit. Should death be the result of a covered accident any place in the world, including your workplace, your family would receive an additional $15,000. This benefit covers you 24 hours a day, 7 days a week. The Term-to-70 Life Insurance plan offers rates in 5-year age bands – with smoker and non-smoker priced separately. Rates are based on your age when you purchase the coverage – this is to assure that you are getting the most benefits from your premium dollar. Rates increase upon entry to a new 5-year age band. *Under the terms of the policy, injury is defined as bodily injury resulting directly and independently of all other causes from an accident which occurs while the person is covered under this policy. Q. Is a medical exam necessary? A. Only applications for amounts of more than $100,000 will require a medical exam at no cost to the member. Q. What is term life insurance? A. It is a policy that provides protection for a specified period of time. Instead of premiums being invested for slow-growing cash value, 100% of what you pay goes toward your coverage. Q. What is a “premium”? A. The premium is the payment you make for an insurance policy. The premium amount is based on your age within a 5-year band at the time you purchase the policy. You can choose to pay your premium annually, semi-annually, quarterly or monthly. Q. What makes UnionSecure different? A. Serves union members and their families – exclusively - and is able to provide specially arranged rates typically reserved only for large groups.
Q. Is there any time when someone wouldn’t be covered? A. If a person commits suicide - while sane or insane - during his or her first two years of coverage under the policy, the policy will only pay an amount equal to the premium paid for coverage to the date of death. Q. Are there any age requirements? A. Yes, you must be aged 18-64 to apply. Q. If I purchase a policy and I develop health problems in the future, can my insurance be terminated? A. Changes in your health do not cause the policy to be terminated. Q. For what reasons could my insurance be terminated? A. Your insurance would be terminated if: you stop paying your premium, you reach age 70 (at this point you can convert to Senior Life Insurance), your union notifies UnionSecure that you are no longer a member, or the group policy is no longer in effect. Insurance for your spouse would be terminated on the earliest to occur of:
However, if dependent's coverage would terminate because of your death, coverage will continue until the Premium Due Date on or next following your death unless continued in accordance with the Surviving Spouse Continuation provision. Q. What is the Living Benefit? A. If you are diagnosed with a terminal illness*, you may receive up to 80% of your selected death benefit. The remaining amount is paid at time of death. * Terminally Ill or Terminal Illness means the Covered Person has a life expectancy of 12 months or less. Q. Are there restrictions on how my beneficiary can use the benefit money? A. No, the money can be used at his/her discretion.Q. Does my spouse or domestic partner have to purchase the same benefit as me, the union member? A. Spouses (or domestic partners) may choose a different level amount.Q. When does coverage become effective? A. Coverage becomes effective on the first day of the month after your application is approved and the premium is paid. Q. If I (the insured member) die, can my spouse or domestic partner continue coverage? A. Yes, insured spouses (or domestic partners) can continue coverage as a surviving spouse. Q. What does the Strike/Labor Dispute Waiver of Premium mean? A. If an insured is 1) in a lawful, authorized strike by a union or 2) locked out as a result of a dispute between the union and an employer, or experiences an involuntary layoff, the insured doesn't have to pay premiums for up to 3 months on this coverage. May not be available in all states or in all unions. Q. What is the process for getting the premium waived? A. The insured must provide written proof of strike, lock-out or involuntary layoff before the wavier of premium begins. It can be a note from the union or a note from the insured with a newspaper article verifying the sanctioned or forced work stoppage. Q. Are there any exclusions to the policy coverage? A. If a person commits suicide - while sane or insane - during his or her first two years of coverage under the policy, UnionSecure will only pay an amount equal to the premium paid for coverage to the date of death. Q. Are pre-existing conditions covered? A. Yes, once you are approved for coverage, there are no exclusions for pre-existing conditions. Q. Does a union member who leaves the union lose his/her coverage? A. If your union notifies UnionSecure in writing that you have left the union for any reason other than retirement, coverage will be terminated. Q. Can I be singled out for a rate increase? A. No, rates are based on your age when you purchase the policy. Rates increase upon entry to a new, pre-determined 5-year age band. Q. Can the coverage be paid by credit card or through an automatic checking account deduction? A. Yes, members who apply will have various payment options when they receive their policy. Underwritten by: Hartford Life and Accident Insurance Company, Simsbury, CT 06089 Form: SRP - 1153 A (HLA) (1660)
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