Life and AD&D
Life Insurance benefits designed to protect what matters most.
Basic Life and AD&D Benefit Summary
Group # 997956
Member Service: (866) 868-6737
Website: portal.unum.com
VyStar Credit Union provides Basic Term Life and Accidental Death and Dismemberment (AD&D) benefits as part of your overall benefits package. The company pays for this benefit 100% – there is no cost to you.
Life insurance provides financial protection for your family in the event of your death. Accidental Death & Dismemberment (AD&D) benefits provide additional coverage should you be seriously injured or should your death be the result of an accident.
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| Life and AD&D Benefit Overview | |
|---|---|
| Basic Life Benefit | 3 times your annual salary |
| Maximum Amount | $750,000 |
| Age 65, benefits are reduced to | 65% |
| Age 70, benefits are reduced to | 42% |
| Age 75, benefits are reduced to | 27% |
| Basic AD&D Benefit | 100% of life amount |
- This is an overview of benefits. Please review the plan documents or call Unum Group for benefit details, limitations, exclusions, and verification of coverage.
- Imputed Income:Â If your life insurance amount exceeds $50,000, the IRS requires you to pay a nominal tax on the value of any amount in excess of $50,000.
- Exact benefit amount will be validated at time of claim based on salary verification.
Supplemental Life and AD&D Benefit Summary
Group # 997956
Member Service: (866) 868-6737
Website: portal.unum.com
Life insurance is an essential part of financial planning. If you own a home, own a car, have debt, have kids, or take care of other family members, you should seriously consider purchasing additional life insurance. Life insurance can also pay for funeral, burial, income, or estate taxes.
Additional life insurance can be purchased for you and your family at low group rates.
- Premiums are deducted from your paycheck on a post-tax basis.
- Life insurance proceeds are not taxable.
- For children less than 6 months old, benefits may be subject to reductions.
| Benefit Overview | Employee | Spouse | Child(ren) |
|---|---|---|---|
| Supplemental life benefit | $10,000 increments | $5,000 increments | $5,000 increments |
| Does the supplemental life include AD&D? | Elect seperately; must elect supplemental life to elect supplemental AD&D | Elect seperately; must elect supplemental life to elect supplemental AD&D | Elect seperately; must elect supplemental life to elect supplemental AD&D |
| What is the minimum amount? | $10,000 | $5,000 | $5,000 |
| What is the maximum amount? | $500,000; not to exceed 5 times your salary | $150,000; not to exceed 100% of employee elected amount | $15,000; not to exceed 100% of employee elected amount |
| Benefit contingency | Subject to the Terms of Guarantee Issue | Must purchase employee life in order to qualify for spouse life | Must purchase employee life in order to qualify for child(ren) life |
| What is the Guaranteed Issue amount? | $200,000 | $50,000 | $15,000 |
| Age 65, benefits are reduced to | 65% | 65% | N/A |
| Age 70, benefits are reduced to | 42% | 42% | N/A |
| Age 75, benefits are reduced to | 27% | 27% | N/A |
| Refusal age | N/A | N/A | Under 19 years, or under 26 years if a full-time student |
| Whose age are rates based upon? | Employee | Employee | N/A (flat rate) |
- This is an overview of benefits. Please review the plan documents or call Unum Group for benefit details, limitations, exclusions, and verification of coverage.
- Evidence of Insurability (EOI) Requirements – If you select an amount in excess of the “Guarantee Issue” amount, you and/or your spouse must complete an Evidence of Insurability (EOI) form and submit to Unum Group for underwriting approval.
- In the event of a claim, all benefits require validation by VyStar Credit Union and Unum Group and may be subject to Evidence of Insurability documentation requirements.
- Exact benefit amount will be validated at time of claim based on salary and employment verification.
