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Most likely you have some life insurance. But is it enough to replace your income and all you mean to your family? According to a recent study, nearly 50% of households have a life insurance coverage gap of $200,000 on average.1
With Whole Life Insurance, you can give your family the added financial protection they may need in the event that something unexpected happens, while also saving a little extra for retirement if you don’t use it.
1LIMRA, Facts About Life Insurance 2016.
Yes, Baystate Health has partnered with the Farmington company during benefits open enrollment. Specially trained Benefits Specialists are available onsite at Baystate throughout the open enrollment period, to assist with questions and help you make informed decisions.
*The use of “spouse” means a person insured as a spouse as described in the certificate of insurance or rider.
You can only enroll in this benefit during Baystate’s benefits open enrollment each Oct-Nov timeframe.
The effective date of coverage is the date you are eligible to begin filing claims.
When you leave or retire from your current employer, you can continue your coverage without interruption, subject to applicable law and the policies' terms and conditions. Although payroll deduction will no longer be available if you retire or leave your company, you can opt for other payment methods such as direct checking or bank account deduction, credit card billing or home billing. Higher rates may apply.
Payments are made via Baystate Health payroll deduction.
No, all available benefit levels are guaranteed issue so no health questions are required.
None of us likes to think about these things, but it’s important that you can also tap into your life insurance death benefit early if you’re ever diagnosed with a terminal illness. That benefit could really help you and your family during a difficult time. An advance payment of your life insurance benefits is available if you are diagnosed with a terminal illness with a life expectancy of 12 months or less.
You can request payment up to 50% percent of your benefit amount, up to a maximum of $150,000. Advance payment permanently reduces the death benefit. Premiums must continue to be paid on the remaining benefit amount after an advanced payment.
If you buy this policy and continue to pay the monthly cost, after 15 years or at age 65, whichever is later, you’ll have a paid-up life insurance policy for half of the benefit amount that’s yours to keep. This paid-up policy means you can get paid the benefit amount to use however you wish.
No, you can keep this policy for your lifetime as long as you continue to pay the premiums. All coverage under this policy will terminate when any of the following occurs:
This is a summary of benefits only. Please review your enrollment materials and any other applicable brochures prior to enrolling in coverage. A complete description of benefits, limitations, exclusions and termination of coverage will be provided in the certificate of insurance and riders. All coverage is subject to the terms and conditions of the group policy. If there is any discrepancy between this document and the group policy documents, the policy documents will govern. To keep coverage in force, premiums are payable up to the date of coverage termination. Accident Insurance is underwritten by ReliaStar Life Insurance Company, a member of the Voya® family of companies. Policy Form #RL-ACC2-POL-12 or #RL-ACC3-POL-16. Form numbers, provisions and availability may vary by state.
Add Whole Life Insurance to give your family the added financial protection if an unexpected death happens.
Whole Life Benefits Guide
Details of Mercer disclosure of the compensation.