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Life Insurance Enrollment

Life Insurance Enrollment

Special Online Enrollment October 29th – November 16th

Presented By:

Highlander Financial Services Highlander Financial Services

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Why is Life Insurance Important?

• Protection for your familyProtection for your family

• Provides financial support when you need it most:

• Helps with immediate expensesp p • Replaces lost income

• Mortgage

Car Payment

• Car Payment

• College Expenses

• Day-to-day living expenses

• Financial Analysts suggest having coverage equal to

5 -7 times your annual income 5 7 times your annual income

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Types of Life Insurance

Term Life

Term Life

Whole Life

Whole Life

Term Life

Term Life

Whole Life

Whole Life

 Inexpensive coverage that

allows you to purchase y p  Permanent coverage larger amounts during your

working years

 Helps pay:

 Premiums remain level for life of policy

A l h l

 Mortgage

 Day-to-day living expenses  College expenses

 Age banded rates that

 Accumulates cash value  Long term care rider  Portable

 Age banded rates that

increase over time

 Portable, but still based on

age

 Portable

 Option of reduce paid-up policy

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What’s Right for You?

 One of the most common questions about life insurance is

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Aetna Group Term Life Insurance

• Enhancements to the current plan:p

• Max coverage increased to $500,000 or 7x salary

• Currently $250,000

A il bl i $ i t

• Available in $10,000 increments

• Currently limited to 7 levels

• Spouse coverage increased to $500,000, not to exceed 100% of p g

employee coverage

• Currently $10,000

• Child coverage available - $5 000 or $10 000 • Child coverage available - $5,000 or $10,000

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Term Life – Current Participants

 All current coverage will be grandfathered with the g g

following exceptions:

 Those that currently have $15,000 or $25,000 will be rounded up to $20 000 and $30 000 respectively

up to $20,000 and $30,000, respectively

 For those that currently have dependent life each spouse will remain at $10,000 and each child will remain at $5,000

 To make changes you must log in to the benefits

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Term Life Insurance – Guaranteed Issue!

• Guaranteed issue during this enrollment only:g y

• No health questions

Employees: $300,000 (not to exceed 5x salary)

Spouse: $30 000 (not to exceed 100% of employee coverage)

Spouse: $30,000 (not to exceed 100% of employee coverage)

Children: $10,000 (not to exceed 100% of employee coverage)

• Any amount in excess of $300,000 for employees y $3 , p y

and $30,000 for spouses will require full evidence of insurability

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Term Life w/ AD&D – Sample Rates

 Sample premiums for $100,000 term life policy w/ AD&D

for employee and spouse: for employee and spouse:

Age Current

Composite Rates*

New

Age Banded Rates

25 $16.40 $4.90

35 $16.40 $6.90

45 $16.40 $12.90

45 4 9

55 $16.40 $26.90

 Child rates (regardless of number of children):( g )  $5,000 - $0.88

 $10,000 - $1.75

* T b i l i li i h IRS l i h di i f d * To bring plan into compliance with IRS regulations, the district was forced

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How Term Life Rates are Calculated:

 Find your age in the left hand column of the table  Based on age at policy anniversary date (1/1/13)

 Multiply the per thousand rate in the second column

by the amount of coverage in thousands

 Ex: Employee age 35 purchasing $100,000 policy

 $0.069 x 100 = $6.90$ 9 $ 9

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New Unum Whole Life Insurance

Guaranteed Issue for Employees:p y

 No health questions

Age 50 and under: $125,000

A d $6

Age 51 and over: $60,000

 Access to unused GI in subsequent re-enrollments if you enroll now

 Conditional GI for spouse

 Coverage available for children and grandchildreng g

 No health questions

 Available even if the employee doesn’t enroll

M P h $ $

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New Unum Whole Life Insurance

 Rates are based on your age, smoker/non-smoker y g , /

and can be found on the enrollment system

 Sample rates:

 25 year old, non-smoker, $25,000 policy = $15.26 per month

 Guaranteed cash value at age 65: $9,270

 45 year old non-smoker $25 000 policy = $41 60 per month  45 year old, non-smoker, $25,000 policy = $41.60 per month

 Guaranteed cash value at age 65: $6,774

 Sample dependent rates:p p

 5 year old, $13.00 per mo. policy = $29,050 coverage amount  15 year old, $13.00 per mo. policy = $21,727 coverage amount

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Online Enrollment System

 Enroll online at: www.mybenefitshub.com/kleinisd  Username:

 The first six (6) characters of your last name, followed by the first letter of your first name, followed by the last four (4) digits of your y y g y SSN

 Password:

 Your full last name (excluding punctuation) followed by the last four ou u ast a e (e c ud g pu ctuat o ) o o ed by t e ast ou (4) digits of your SSN

 Example: John Doe (000-00-0001)

 Username: doej0001  Username: doej0001  Password: doe0001

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References

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