Life Insurance Plans

Basic Term Life/AD&D Insurance

Term Life insurance provides valuable financial protection for your family.  Bartow County Schools is pleased to offer $15,000 of Basic Life and AD&D Insurance through Cigna.

Voluntary Life/AD&D

It’s not easy to think about how our loved ones will survive financially should we no longer be with them. Although Basic Life Insurance does provide them with some benefit in the event of our death, will that be enough? Unfortunately, when a primary wage earner passes away, 34% of households would have immediate trouble paying everyday living expenses; 29% could cover everyday living expenses for only several months; and only 36% could cover everyday living expenses well into the future.1 While there are many different ways to estimate how much money your dependents may need, we suggest a combined amount of term life insurance that is five to eight times your annual income as a good starting place. Again, this is an estimated amount of life insurance coverage you and your family could consider. A complete financial plan for your family should take into account your specific circumstances including your debt, other obligations, available resources and many other factors.

Eligibility

  • All benefits eligible employees
  • Legally married spouse under age 70
  • Child(ren) age 14 days to 20 years of age (or to age 26 if unmarried & full-time student)

Coverage and Monthly Premiums

  • Your premiums are based on the coverage amount you elect and your age
  • Spouses rates are based on the employees age
  • Coverage available in $10,000 increments for employees and $5,000 increments for dependent spouses

Guaranteed Issue Amounts:

Employee: Up to $250,000

Spouse: Up to $25,000

Child(ren): Flat $10,000 per dependent child

If you did not enroll when you were initially hired and eligible for benefits, you will be considered a late entrant, and subject to medical Evidence of Insurability- EOI, for yourself and your dependents, and coverage could be denied.

Portability

You may be eligible to port this coverage with you if you terminate employment prior to age 70.

Plan Documents/ Resources

These documents are not a contract for coverage.  Certain restrictions may apply.  Coverage reduces to 65% at age 65 and then to 50% at age 75.

Please refer to the certificate booklets for complete reductions and benefit limitations and restrictions.

 

 

Whole Life Insurance with Long Term Care Rider

Whole Life insurance provides much more than a death benefits- it also offers valuable “living benefits” that you can use during times of need.

You can also keep you Whole Life coverage after you retire, making it an essential complement to Term Life.

Living Benefit Option Rider: If you are diagnosed with a terminal illness,  you can request up to 100% of your policy’s benefit amount and use it for any purpose

How does it work?

  • Your monthly premiums are level for life based on when you enroll in coverage.
  • Monthly premiums will be conveniently deducted from your paycheck.
  • You own the policy.  You can port the policy in you should ever terminate employment or retire.  You will pay the same premium.

Three reason’s to buy Whole Life at work—now!

  1. Whole Life rates.  The rates offered through your employer are typically more affordable than those elsewhere.
  2. Age-based premiums.  The earlier you purchase coverage, the lower you premium will be locked in for as long as you own the policy, as they are age based rates and do not increase as you age.
  3. Guaranteed issue.  Generally available at initial enrollment at your workplace.  When it is offered to you, you can purchase coverage up to a set amount, without medical exams or health questions.  If you do not purchase the maximum amount, you have the option to increase it up to that level during future open enrollment periods- no medical questions required.

 

Plan Documents/ Resources

UNUM Whole Life Summary

This website is brought to you by ShawHankins.
The information contained on this website is intended for general purposes only. It is an abbreviated overview of the benefit plans. Please refer to the Certificate Booklet (the contract) available from the plan carriers for complete details. Your Certificate Booklet will provide detailed information regarding copayments, coinsurance, deductibles, exclusions and other benefits. The Certificate Booklet will govern should a conflict arise related to the information contained in this website. The information contained in this website does not establish eligibility to participate in or receive benefits from any benefit plan. Please note the links to any external websites are provided simply to assist our employees with convenient access. ShawHankins is not liable for the information provided on any of the external websites provided.