Life Insurance Enrollment
Life Insurance Enrollment
Special Online Enrollment October 29th – November 16th
Presented By:
Highlander Financial Services Highlander Financial Services
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
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
What’s Right for You?
One of the most common questions about life insurance is
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
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
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
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
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
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 $ $
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
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