| Highlights of Term Life Insurance and some frequently asked questions and answers: |
What is different about the Security Life Premier Insurance Plan for CSEA members?
The Security Life Premier Plan is enhanced with many benefits and features which may not be included in other term life plans. You should review the complete description of the Security Life Premier Plan before making a decision to participate in the plan. Some important features of the Security Life Premier Plan involve:
- Payroll Deductions: Members may elect to have their premiums deducted through payroll - no invoices, no checks, no hassles!
- Premium Waiver: If an actively employed member becomes completely disabled while insured and before his or her 60th birthday and remains so for 9 months, premiums for the member and covered dependents at the time of the member's total disability will be waived while the member is totally disabled. Evidence of the insured member's total disability will be required.
- Accelerated Benefits: If an insured member is diagnosed with a terminal illness with a life expectancy of less than 12 months, the terminally-ill insured may receive up to 50% of his or her life benefits. The amount will not be greater than $125,000 or less than $5,000.
- Accidental Death and Dismemberment Coverage: Accidental death and dismemberment insurance provides coverage for members in the event of accidental death, severe injuries, or paralysis resulting from accidents on or off the job and occurring within 90 days of the accident. An insured member's accidental death and dismemberment benefit amount is equal to the amount of his basic life insurance coverage. The member's accidental death and dismemberment coverage also provides specified percentages of a member's basic death benefit amount for qualifying injuries. A benefit three times the amount of his basic life insurance coverage will be paid if an insured member dies as a result of an accident that occurs when using public transportation (such as a bus, train, or airplane) as a fare-paying passenger. A benefit three times the amount of his basic life insurance coverage will be paid if an insured member dies as a result of injuries sustained while in the course of CSEA work performed by the insured member for wage or profit. The loss must occur within 90 days after the accident. No more than two times the full amount of the accidental death and dismemberment benefit will be paid for a covered loss that results from injuries sustained in one accident. This limitation does not apply to seat belt benefits. Accordingly, the maximum payout under the policy will be three times the amount of the basic life insurance coverage (life benefit plus two times the amount of the accidental death and dismemberment benefit) plus the seat belt benefit, if applicable.
- Seat Belt Benefit: An additional 10% (minimum $1,000 and a maximum of $10,000) of the full amount of the accidental death and dismemberment benefit is payable if the insured member dies as a result of injuries sustained while driving or riding in a registered vehicle while wearing a properly fastened seat belt.
- Retirement Benefit: A retirement benefit is available to members at the date of retirement. The member may, at group rates, continue all of the life and accidental death and dismemberment benefits in effect at retirement. The benefit will be the lesser of the following for ages 70 and older; 1/2 the amount of the insurance in effect on the day before a member's 70th birthday; or $25,000. Coverage will end on the member's 70th birthday, unless the member has been insured for a total period of 10 years.
- Conversion Privilege: Insured members or dependents may become eligible to convert, without evidence of insurability, to a personal policy of life insurance.
- Volume Discount: Where a member has life insurance coverage of $175,000 or more, the member is entitled to a 10% discount off the premium.
Frequently Asked Questions about the CSEA-sponsored Security Life Premier Plan
- Who is eligible to apply for this term life plan?
CSEA members who are under age 70; paying membership dues; and performing the duties of their occupation according to their regular schedule. Dependents include the member's lawful lawful spouse under age 66 and any unmarried children age 15 days to 18 years.
- How much life insurance is available?
Members can apply for up to $250,000. Spouses can apply for up to $150,000 but not to exceed the member's coverage. Children ages 15 days to 6 months can apply for $500 and children age 6 months to 18 years can apply for $5,000 or $10,000.
- How long will coverage continue?
A retirement benefit is available to members at the date of retirement. The member may, at group rates, continue all of the life and accidental death and dismemberment benefits in effect at retirement. The benefit will be lesser of the following for ages 70 and older: 1/2 the amount of the insurance in effect on the day before a member's 70th birthday; or $25,000. Coverage will end on the member's 70th birthday, unless the member has been insured for a total period of 10 years. Spousal coverage terminates immediately upon notification to CSEA of divorce or legal separation. Dependent unmarried children coverage may continue until age 22 as long as the member continues his or her coverage.
- As a member, will I have to continue paying premiums if I become permanently disabled?
If you become completely disabled while actively employed and insured; before your 60th birthday and remain so for 9 months, premiums will be waived for you and your covered dependents at the time of your total disability. Evidence of your total disability will be required.
- Does this plan have an accidental death and dismemberment benefit feature?
Yes. Your accidental death and dismemberment benefit amount is equal to the amount of your basic life insurance coverage. Your accidental death and dismemberment coverage also provides specified percentages of your basic death benefit amount for qualifying injuries. A benefit three times the amount of your basic life insurance coverage will be paid if you die as a result of an accident that occurs when using public transportation (such as a bus, train, or airplane) as a fare-paying passenger. A benefit three times the amount of your basic life insurance coverage will be paid if you die as a result of injuries sustained while in the course of CSEA work performed by you for wage or profit. The loss must occur within 90 days after the accident. No more than two times the full amount of the accidental death and dismemberment benefit will be paid for a covered loss that results from injuries sustained in one accident. This limitation does not apply to seat belt benefits. Accordingly, the maximum payout under the policy will be three times the amount of the basic life insurance coverage (life benefit plus two times the amount of the accidental death and dismemberment benefit) plus the seat belt benefit, if applicable.
- As a member, if I become terminally ill can I collect benefits before I die?
Yes. If an insured member is diagnosed with a terminal illness with a life expectancy of less than 12 months, the terminally-ill insured may receive up to 50% of his or her life benefits. The amount will not be greater than $125,000 or less than $5,000.
- If I am a member, do I have to go through underwriting before I am approved?
If you are a new member and you apply for coverage within 180 days of your membership, you and your spouse will be eligible for up to $50,000 without evidence of insurability. You must be actively at work and your spouse (if the spouse desires coverage under the plan) must be actively at work or perform his or her normal activities at the time the application is submitted.
- Does this plan build any cash value?
No. This plan is a pure term life insurance.
- As a member, will my premiums increase?
Premiums for you and your spouse are adjusted when you attain a new five year age bracket (see the Security Premier Term Life Insurance Premiums).
If you are interested in a lower cost term life plan without additional benefits and features, please call Pearl Carroll & Associates LLC, toll free at 1-866-VIP-CSEA or send an email to CSEA Marketing and inquire about the CSEA Life Basics Plan.
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