Permanent Whole Life Insurance
The permanent Whole Life insurance offered to Hutcheson Medical Center employees, their spouse and children/grandchildren are permanent policies with level premiums and level death benefits for life.
- Coverage available for employee, spouse and children/grandchildren on a "stand-alone" basis
- Guaranteed Issue and Simplified Issue policies are available
- Provides level death benefits and level premiums - GUARANTEED!
- Amounts of coverage based on age and money-purchase premiums
Why Individual Life Insurance?
Your Group Life Insurance terminates when you are no longer an employee of Hutcheson Medical Center. In addition, the amounts of coverage available to you and your family are limited under the Group Insurance plan.
Employees can enroll in an Individual Life Insurance plan insured by Unum, offering Whole Life Insurance, for yourself and family members. When you retire or terminate employment with Hutcheson, you simply pay the same premium rate direct to the company rather than on payroll deductions.
Guaranteed Issue Policies
New Employees who have been hired since the last Open Enrollment receive Guaranteed Issue Policies, meaning there are no medical questions, exams or underwriting to be completed up to the guaranteed issue limits set below.
Individual Whole Life Insurance
Polices are guaranteed to have premiums and death benefit to remain level. They do not change as you get older. Most financial planners agree that a well rounded portfolio includes at least some permanent life insurance, such as Whole Life.
- Includes Long-term Care rider that pays 6% of the face amount for "in-facility" benefits and 4% home care benefits.
- Select coverage on yourself, your spouse and/or your children/grandchildren.
- Living Benefit Option included. In case of a terminal illness diagnosis, policy holder can be advanced up to 100% of the death benefit while living.
Employee Coverage
Coverage amounts up to $22/week is maximum amount. Actual coverage amount is age based.
Spouse Coverage
Coverage amounts up to $10/week is maximum amount. Actual coverage amount is age based.
Dependent Children Coverage
Coverage amounts up to $3 week is maximum amount. Actual coverage amount is age based.
Click Here for additional information.
Click Here details of the permanent Life insurance plan.
Click Here for an educational video.
Long Term Care Insurance is included as a rider on Each Whole Life policy for $10,000 or more.
If you are confined to a Nursing Home or require extended care at home, who is going to pay the costs?
- Group Medical insurance? ............. Benefits are very limited
- Social Security? ............................. Only for a limited time after being hospitalized
- Medicare or Medicaid? .................. Only after you have exhausted or given up your assets
Long Term Care insurance protects your assets and dignity!
- Automatically included at initial offering to employees and spouses ages 15 to 70
- Coverage available on employee and/or spouse
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For long term care facility, nursing home care or assisted living facility, provides a maximum monthly benefit that is the lesser of:
- 6% of the death benefit, less any policy debt at the end of the waiting period, or $3,000
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For home health care or adult day care, provides a maximum monthly benefit that is the lessor of:
- 4% of the death benefit, less any policy debt at the end of the waiting period;
- your actual monthly expenses; or $1,500
- Benefits are payable once you have been receiving long term care for 90 days, subject to the conditions of the rider.
- Premiums are waived while you are receiving benefits.
- The benefit period maximum is 100% of the death benefit. less any policy debt at the end of the waiting period for each benefit period.
- The cost is included in the premium for your permanent life insurance and is based on your age at issues and whether you use tobacco.
- The rider is tax qualified, which means that any benefits you receive will not be subject to income tax.
CLICK HERE for more information
Click Here for Limitations & Exclusions
Click Here for the Long Term Care Rider Outline of Coverage
Click Here for the Long Term Care Rider Rate Disclosure Information
Enrollment in the Whole Life is only available during Annual Enrollment. Benefit Counselors will provide you with exact rates for you and your family members.
This plan is underwritten by Unum. Refer to your policy contract for exact provisions and specifications.
