Athens_Clarke_County_Whole_Life_Flyer.pdf

EN-1973 FOR EMPLOYEES (2-23) Unum | Whole Life Insurance R0488478

Unified Government of Athens- Clarke County

Whole Life Insurance

How does it work?

You can keep Whole Life Insurance as long as you want.

Once you’ve bought coverage, your cost won’t increase as you age. The benefit amount stays the same, too — it doesn’t decrease as you get older. That means you get protection during your working years and into retirement.

Whole Life Insurance also builds cash value at a guaranteed rate of 3.75%.* You can borrow from that cash value, or you can buy a smaller, paid-up policy — with no more premiums due.

Why should I buy coverage now?

• It’s more affordable when you’re younger. Once you’ve purchased coverage, your premium remains the same as long as premiums are paid.

• You get better rates when you buy coverage through your workplace

• The cost is conveniently deducted from your paycheck.

• Whole life gives you valuable protection in addition to any term life insurance you might have.

What’s included?

A “Living” Benefit You can request an early payout of your policy’s death benefit (up to $150,000 maximum) if you’re diagnosed with a terminal illness and expected to live It can help cover your costs while you’re still alive. The payout would reduce the benefit that’s paid when you die.

Long Term Care Rider You may be able to use your death benefit to pay for long term care. Subject to rider conditions. See your plan administrator for more information.

Who can get coverage?

You:

You can purchase coverage for as little as $3 weekly, as long as the minimum benefit is at least $2,000. The benefit amount is based on the premium amount you select, your age when coverage begins, and whether you use tobacco.

Your spouse:

Individual coverage

Available for your spouse between the ages of 15 to 80, but you must purchase coverage for yourself.

If you leave your employer, you can keep this coverage and be billed at home.

You can purchase coverage for as little as $3 weekly, as long as the minimum benefit is at least $2,000. The benefit amount is based on the premium amount you choose, your spouse’s age when coverage begins, and whether they use tobacco.

Your children:

Individual coverage

Your children and grandchildren can have individual coverage, even if you don’t get coverage for yourself. If you leave your employer, your children can keep their coverage.

You can purchase coverage for each child for as little as $1 a week.

Your children:

Term Life coverage

You can also purchase a Child Term Life benefit up to $10,000, which can be added to an employee or spouse policy. Eligible children, legally adopted children and stepchildren are covered from 14 days until the earlier of their 25th birthday or the date your policy ends. At that time, the child has a right to buy an individual Whole Life policy at up to 5 times the amount of their rider.

Whole Life Insurance can pay money to your family if you die. It can help them with basic living expenses, final arrangements, tuition and more.

EN-1973 FOR EMPLOYEES (2-23) Unum | Whole Life Insurance R0488478

Here’s how your premiums work Lifetime premium You’ll have coverage as long as you make your payments.

Your premiums are spread out over your lifetime.

When you buy life insurance, you name the people who will receive the money from the policy when you die. These people are called beneficiaries. Unum will pay benefits to the beneficiaries in one lump sum;

however, if a beneficiary is a minor (typically younger than 18, but this may vary by state) and no financial guardian has been appointed, the benefits will be paid to that minor through a Unum Retained Asset Account.

A Unum Retained Asset Account is a fund held in Unum’s general account for the named minor beneficiary.

The account accrues interest regardless of Unum’s actual investment performance, and, while not FDIC insured, the account funds are fully guaranteed by Unum.

For more information about the retained asset account, please contact Unum.

*The policy accumulates cash value based on a non-forfeiture interest rate of 3.75% and the 2017 CSO mortality table. The cash value is guaranteed and will be equal to the values shown in the policy. Cash value will be reduced by any outstanding loans against the policy.

Eligible employees must be actively at work to apply for coverage.

Employees must be U.S. citizens, Canadian citizens working in the U.S., or have a Green Card to receive coverage.

Effective date of coverage Your coverage will be effective on the first day of the month in which payroll deductions begin.

Exclusions Life Insurance benefits will not be paid for deaths caused by suicide. If within two years from the policy effective date, the insured commits suicide, whether sane or insane, Unum will not pay the death benefit.

The amount payable by us in place of all other benefits, shall be the sum of premiums paid, without interest, less the sum of any debt and the cost of any riders.

Termination of coverage All coverage under this policy will terminate on the earliest of the following:

The Long Term Care rider is not available in HI, NY, and UT.

THIS LTC RIDER IS NOT MEDICARE SUPPLEMENT COVERAGE. If you are eligible for Medicare, review the Medicare Supplement Buyer’s Guide available from the insurer.

In Virginia, this life insurance does not specifically cover funeral goods or services and may not cover the entire cost of your funeral at the time of your death. The beneficiary of this life insurance may use the proceeds for any purpose, unless otherwise directed.

This information is not intended to be a complete description of the insurance coverage available. The policy or its provisions may vary or be unavailable in some states. The policy has exclusions and limitations which may affect any benefits payable. For complete details of coverage and availability, please refer to Policy Form L-21848 or contact your Unum representative.

Unum complies with state civil union and domestic partner laws when applicable.

Underwritten by:

© 2023 Unum Group. All rights reserved. Unum is a registered trademark and marketing brand of Unum Group and its insuring subsidiaries.

Sample rates** Lifetime premium

You’ll have coverage as long as you make your payments.

Your premiums are spread out over your lifetime.

**Sample amounts shown are for non-tobacco users.

When you buy life insurance, you name the people who will receive the money from the policy when you die. These people are called beneficiaries. Unum will pay benefits to the beneficiaries in one lump sum;

however, if a beneficiary is a minor (typically younger than 18, but this may vary by state) and no financial guardian has been appointed, the benefits will be paid to that minor through a Unum Retained Asset Account.

A Unum Retained Asset Account is a fund held in Unum’s general account for the named minor beneficiary.

The account accrues interest regardless of Unum’s actual investment performance, and, while not FDIC insured, the account funds are fully guaranteed by Unum.

For more information about the retained asset account, please contact Unum.

*The policy accumulates cash value based on a non-forfeiture interest rate of 3.75% and the 2017 CSO mortality table. The cash value is guaranteed and will be equal to the values shown in the policy. Cash value will be reduced by any outstanding loans against the policy.

Eligible employees must be actively at work to apply for coverage.

Employees must be U.S. citizens, Canadian citizens working in the U.S., or have a Green Card to receive coverage.

Effective date of coverage Your coverage will be effective on the first day of the month in which payroll deductions begin.

Exclusions Life Insurance benefits will not be paid for deaths caused by suicide. If within two years from the policy effective date, the insured commits suicide, whether sane or insane, Unum will not pay the death benefit.

The amount payable by us in place of all other benefits, shall be the sum of premiums paid, without interest, less the sum of any debt and the cost of any riders.

Termination of coverage All coverage under this policy will terminate on the earliest of the following:

The Long Term Care rider is not available in HI, NY, and UT.

THIS LTC RIDER IS NOT MEDICARE SUPPLEMENT COVERAGE. If you are eligible for Medicare, review the Medicare Supplement Buyer’s Guide available from the insurer.

In Virginia, this life insurance does not specifically cover funeral goods or services and may not cover the entire cost of your funeral at the time of your death. The beneficiary of this life insurance may use the proceeds for any purpose, unless otherwise directed.

This information is not intended to be a complete description of the insurance coverage available. The policy or its provisions may vary or be unavailable in some states. The policy has exclusions and limitations which may affect any benefits payable. For complete details of coverage and availability, please refer to Policy Form L-21848 or contact your Unum representative.

Unum complies with state civil union and domestic partner laws when applicable.

Underwritten by:

© 2023 Unum Group. All rights reserved. Unum is a registered trademark and marketing brand of Unum Group and its insuring subsidiaries.