Basic Term Life Insurance:
Basic Term Life Insurance, which is paid for by your Employer, provides you with a certain level of coverage for your loves ones in the event of your death. Your designated Beneficiary would receive this benefit which could be used for funeral and other expenses they may face.
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.
- Voluntary Life/AD&D Benefit Summary
- Life Certificate Booklet
- Voluntary Life Rate Grid
- Portability Form
- Evidence of Insurability form
- Voluntary Life/AD&D Claim form
- Waiver of Premium Form
- UNUM Certificate of Coverage
Important Links & Contact Information for Basic and Voluntary Life Insurance provided by UNUM
- UNUM Online Member Services
- UNUM Customer Service: 1-866-679-3054
- UNUM Address: Six Concourse Parkway Suite 2700 Atlanta, GA 30328
- GROUP NUMBER FOR BASIC LIFE/AD&D 294874
- GROUP NUMBER FOR VOLUNTARY LIFE/AD&D 294875
Whole Life Insurance:
While Term Life Insurance is an important benefit to maintain through your working years, Whole Life Insurance can also provide you with an additional level of Life Insurance coverage. Typically the premium for Whole Life insurance is fixed so your cost will not increase for the life of the policy. Whole Life insurance not only helps pay for final expenses it can also potentially accumulate cash value where, over time, you could borrow from that cash value. Whole Life Insurance will be offered by Unum for the 2017 plan year.
Important Links & Contact Information for Whole Life Insurance provided by Unum
- Unum Online Member Services
- Unum Customer Service: 1-866-679-3054
- Unum Address: Six Concourse Parkway Suite 2700 Atlanta, GA 30328
Important Information on Continuing Your Whole Life Insurance Through Transamerica
All employees currently enrolled in a Whole Life policy through Transamerica will have the opportunity to continue their policy by paying premiums directly to Transamerica. Each policy holder will receive a letter in the mail from Transamerica with instructions on how to continue their policy through direct pay. Remittance of the premium and the enclosed coupon must be received within 31 days from the date of the letter.
- Transamerica Online Member Services
- Transamerica Customer Service: 1-888-763-7474
- Transamerica Address: Attn:Claims 4333 Edgewood Rd N.E. Cedar Rapids, IA 52499
- Transamerica Sample Whole Life Portability Letter