Transcript This is the title - Zionsville Community Schools

Life Insurance
Financial Protection for your family
EN-1077 (10-10)
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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?
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Term Life Insurance
High face amounts for your working years
Whole Life Insurance
Lower face amounts, with premiums that do not
increase over time and portable into retirement
Types of Life Insurance
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Should I purchase whole life, or term life insurance?
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Term life insurance allows you to get more coverage for
less money today
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Competitive and affordable rates
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Convenient payroll deduction
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Good to have during your working years
Whole life insurance allows you to secure coverage at an
affordable premium for your entire life
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Premiums do not increase
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At age 80 and beyond have the same policy at the
same price
Since these policies work differently, many employees are
well suited to purchase a policy of both types so that
multiple needs in their financial picture are addressed
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Why consider two life plans?
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As you go through different life stages, one life insurance policy probably won't meet all your needs. Unum's group term
life and interest-sensitive whole life insurance options both provide a death benefit. But they also offer some additional
features that make them quite different.
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For example, group term life coverage offers affordable coverage for your working years. But this coverage may end if you
leave your employer or retire. Interest-sensitive whole life can accumulate cash value. You can use that to purchase a
paid-in-full policy later in life for a lower benefit amount. Since you own this policy, you can keep it if you leave your job or
retire.
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Depending on your needs, you may wish to apply for one or both of these life benefits:
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Why should I consider term life insurance?
People use life insurance to:
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Replace your income during
working years
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Payoff debt that could potentially
burden your family
Use the worksheet to help you
figure out how much coverage you
may need
Whatever your stage of life, there's a good chance someone relies on you.
If something happened to you during your working years, it would have a
financial impact on their lives.
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Term Life Insurance: Policy features
 Term
life insurance plan is voluntary. You can choose
whether or not to purchase coverage, and buy only
the amount that is right for your needs.
 Group rates = affordable premiums
 Ability to cover self, spouse, & dependents
 Ability to cancel coverage at any time if you no longer
need it
 Guarantee Issue underwriting may be available within
defined limits
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Why should I consider whole life insurance?
You won’t be young forever!! Might you want life insurance that
you can afford your whole life, even after you retire?
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Coverage for the entire family!
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Eligibility
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All employees eligible for Zionsville Community Schools’ medical
insurance
Coverage choices
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Employee guarantee issue purchase options up to defined limits: no
health questions January-February 2013 only!
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Spouse coverage options available
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Child/Grandchild standalone policy is $1, $2 or $3 per week.
Who can have it?
What’s the benefit amount?
How long can
they keep it?
Spouse policy
Ages 15-80
Minimum policy amount of $2,000.
Actual benefit amount based on
coverage amount chosen and age at
issue.
Even if you leave your employer,
you can keep your spouse’s policy
and be billed directly at home.
Child policy
No employee or spouse purchase needed.
Same eligibility and issue ages as child
rider.
Policies are individual. Benefit amounts
based on age at issue and premium
selected.
Your children can keep it, even if
you leave your employer.
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Whole Life Insurance: Policy features
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Unum’s interest-sensitive whole life insurance plan is voluntary.
You can choose whether or not to purchase coverage, and buy only
the amount that is right for your needs.
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In addition to providing death benefits, the policy can build cash
value, which may be utilized during your working years.
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The policy includes a Living Benefit Option to all employee, spouse
and child/grandchild policies.
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The policy’s accumulated cash value may also be used to buy a
smaller, “paid-up” policy on which no further premiums are due.
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Available for employees ages 15-80 who meet the eligibility
requirements.
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Coverage for dependents is available on a stand alone basis.
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Your employer has elected for you to receive the Waiver of
Premium Rider.
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Whole Life Insurance: Policy features
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Guaranteed - Level Premium
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Guaranteed Death Benefit – will not reduce
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Guaranteed - Cash Value Accumulation
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Guaranteed - Fully Portable at Employment Separation
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Wrap up
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You might need life insurance to replace your earning power,
payoff debt, and provide security for a loved one in the event of
your untimely death
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Zionsville Community Schools offers you two types of life
insurance that you may purchase: term life insurance and whole
life insurance
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An enrollment counselor is expected to be in your building soon,
and can help you decide if either or both policy types are right for
you
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