What is whole life insurance? - Carroll Hospital

Frequently Asked Questions

Whole Life Insurance

What is whole life insurance?

Hel p protect your loved on es for your entire life, n ot just while you're wor king.

Whole life insurance is the life insurance you own,even when you change jobs or retire.1 Whole life insurance, underwritten by Texas Life Insurance Company, is a great w ay to help protect your loved ones now and into retirement. It's important to take steps to make sure your family w ould be financially prepared if you w ere no longer there to handle expenses like:

Mortgage or rent payments Child care/education fees

Transportation Insurance premiums

Utilities Aging parent costs

Q. Who is eligible to apply for this coverage?

A. You, your spouse/domestic partner, your children and your grandchildren. Spouse/domestic partner, dependent children and grandchildren coverage can be purchasedthrough an individual policy.2

Q. I have a group term life plan at work. Why do I need whole life insurance?

A. Purchasing w hole life insurance may be a great supplement to your employer-offered plan because it protects your loved onesfor your entire life, not just while you're w orking. Whole life insurance is a policy that you ow n; it can never be cancelled, even if your health changes. Because you ow nit, you can take it w ith you w hen you changejobs or retire w ith no change in the premium. It helps ensure that short- and longterm financial obligations could be taken care of if something unforeseen should happen.

Q. Can I apply for this coverage without having to answer medical questions or take a medical exam?

A. Because this coverage is available through your employer, you could qualify for coverage if you are actively at work and answer a work status question.

Q. How do I pay for my coverage?

A. Premiums will be paid through convenient payrolldeduction, so you don't have to worry about writing a check or missing a payment. If you should change jobs or retire beforethe policy becomes paid up, you simply pay the monthly premium directly to MetLife by automatic bank draft or monthly bill.

Q. How much does whole life insurance cost?

A. It m ay be less expensive than you think. This whole life insurance plan is an economical way for youto provide for your lovedones. Paid-up insurance at retirement means premiums are guaranteed to remain level until age 65 or for 20 years if the policy is purchased at age 46 or later. At that time, the policy becomes fully paid up and no further premiums are due.

Underwritten by Texas Lif e Insurance Company Distributed by y our MetLif e representativ e

Have other questions?

Please call MetLife directly at 1 800 GET-MET8 (1-800-438-6388) and talk with a benefits consultant.

Q. What if I become terminally ill?

A. An accelerated death benefit due to terminal illness rider 3 is included in your policy. To help cover extra expenses if you experience a terminal illness that is expected to result in death w ithin 12 months, you may elect to claim an accelerated death benefit to use as you see fit w hile you are still living and is in lieu of the face amount payable at death. This benefit w ill be calculated and paid out as a lump sum, and you may elect to receive this lump sum benef it payable under one of the optional income plans set f orth in your base policy. For more information, refer to your enrollment materials

1. Cov erage can nev er be cancelled, as long as the insured pay s the lev el premiums when due. (Policy f orm WLOTO -NI-11 or ICC-11-WLOTO-NI-11) 2. Employ ees do not need to hav e cov erage to apply f or an indiv idual policy f or their spouse/domestic partner, children and/or grandchildren. Cov erage and

eligibility f or spouse/domestic partner may v ary by state and is not av ailable in all states. Cov erage not av ailable f or children and grandchildren in Washington. Texas Lif e complies with state laws regarding marriages, domestic and civ il union partnerships, and legally recognized f amili al relationships. (Policy f orm WLOTO-NI-11 or ICC11-WLOTO-NI-11) 3. In most states, the Accelerated Death Benef it due to Terminal Illness Rider prov ides a death benef it of 92.6% (92% in CA, CT, DC, DE, FL, ND & SD) of the f ace amount less a $150 administration f ee ($100 in Florida) in lieu of the policy death benef it. Conditions apply . Any outstanding loans will reduce the cash v alue and death benef it. (Policy f orm series ULABR-11 or ICC11-ULABR-11) 4. All cov erage amounts are subject to applicable state laws. To tak e adv antage of this benef it, cov erage of at least $20,000 must be elected.

Texas Lif e Whole Lif e Insurance is av ailable through y our MetLif e representativ e and is underwritten by Texas Lif e Insurance Company , 900 Washington, Waco, Texas. Texas Lif e is not af f iliated with Metropolitan Lif e Insurance Company or its af f iliates. Like most lif e insurance policies, Texas Lif e polici es contain certain exclusions, limitations, exceptions, reductions of benef its, waiting periods and terms f or keeping them in f orce . Texas Lif e complies with all state laws regarding marriages, domestic and civ il union partnerships, and legally recognized f amilial relationships. Please contact MetLif e f or m ore inf ormation.

Metropolitan Life Insurance Com pany | 200 Park Avenue | New York, NY 10166

1705 857011V L0916479489[exp1117][All States] ? 2017 METLIFE, INC.

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download