Your Group Life Insurance reduces when you get older, increases in premium and eventually terminates after your employment with Troup County Schools ends. In addition, the amounts of coverage available to you and your family are limited under the Group Insurance plan.
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. Select coverage on yourself and/or your spouse
COVERAGE AMOUNTS
Employee Coverage
Coverage Amounts up to $200,000
- Guarantee Issue Age 15-80 $60,000
Spouse Coverage
Coverage amounts up to $50,000
- Guarantee Issue Age 15-50 $25,000
Dependent Children Coverage
Coverage amounts up to $2/week Guarantee Issue, $3 week maximum amount.
Conditional Guarantee Issue – For spouse to be eligible for conditional guarantee issue, during the past 12 months, he/she must not have been hospitalized or treated, including prescription medication, for an injury or sickness, excluding pregnancy, colds, allergies, flu, and back problems.
Policies over Guarantee Issue / Conditional Guarantee Issue are eligible for “Simplified Issue”. To Qualify, the applicant must answer no to the following questions *:
- In the past 10 years, has a care provider or medical facility informed you that you have HIV infection or treated you for such infection?
- Has spouse been admitted to a medical facility on an inpatient or outpatient basis or has spouse been disabled so as to prevent he/she from performing the normal duties of a person of like age, within the last 6 months?
* Should the employee, spouse or child answer “yes” to any of these questions, it does not mean they will not be issued. A “yes” answer simply requires additional information to determine insurability of the applicant.
Employee/Spouse Brochure for additional information.
VIDEO on Whole Life
Employees can enroll in an Individual Whole Life Insurance plan insured by Unum, for yourself and family members. When you retire or terminate employment with Troup County Schools, you simply pay the same premium rate direct to the company rather than on payroll deductions.
LONG TERM CARE RIDER
Automatically included at initial offering to employees and spouses ages 18 – 80 for policies over $10,000
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
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 rider is tax qualified, which means that any benefits you receive will not be subject to income tax.
Long Term Care Rider (includes restoration)
Long Term Care Rider – prior to 2015 (includes restoration and continuation)
Click Here for Limitations & Exclusions
Click Here for the Long Term Care Rider Outline of Coverage prior to 2015
Click Here for the Long Term Care Rider Rate Disclosure Information
OTHER LIFE INSURANCE POLICIES- SHENANDOAH AND TRUSTMARK
In the past Troup County School System employees have been offered individual life insurance policies through Shenandoah Life Insurance Company and Trustmark Insurance Company. Employees currently with Shenandoah or Trustmark are encouraged to keep them.
If you have questions about your policy, or want additional information, you may contact the Insurance Company Direct at the below:
Shenandoah Life Insurance Company: 1-800-848-5433 Ext. 62059
Trustmark Worksite Customer Care: 877-201-9373.
At any time, you may also contact Houze & Associates for policy information or questions.
