Term Life Insurance

 

Term Life Insurance - ING ReliaStar
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The LSU System's term life insurance plan is designed to provide income protection for your family. Perhaps you’ve thought about how a sudden death, an accident or a terminal illness would change the dreams and the plan you and your family have for the future. While you cannot prevent such events, you can provide for your family’s financial future by investing in life insurance today.

 
What Are The Key Features Of The Plan?
    1. Employee Coverage

• The guaranteed issue option allows you to purchase coverage up to three times your annual earnings (rounded to the next highest $10,000), not to exceed $500,000. You must purchase a minimum of $10,000 of coverage.
• Once enrolled, you may purchase additional amounts of coverage without Evidence of Insurability up to three times your annual earnings, or $500,000, whichever is less.
• To take advantage of this option, you must enroll within 30 days of employment or initial eligibility period. In the event that you do not purchase the maximum amount of coverage, you can buy up to an additional $10,000 of coverage every year up to three times your annual earnings not to exceed $500,000.
• On July 1 of the years you attain age 65 and age 70, the face amount of the insurance reduces 75% of the original amount at age 65 and 50% at age 70.
• Coverage for retirees over age 70 reduces to the lesser of 50% of coverage or $25,000.

    2. Spouse Coverage

• Once the employee enrolls in the LSU System Life Plan, he or she may purchase spouse coverage in increments of $5,000 up to $10,000 on a guaranteed basis.
• Additional coverage up to one-half of the employee’s coverage amount may be purchased, but is subject to Evidence of Insurability.

    3. Dependent Children Coverage

• Once the employee purchases life coverage, he or she may select one of the dependent coverage options below:

          Option 1 ($1.00/month):
 

• $1,000 of life coverage for children between the ages of 14 days to 6 months
• $5,000 of life coverage for children age 6 months or older

        Option 2 ($2.00/month):

        * $1,000 of life coverage for children between the ages of 14 days to 6 months
        * $10,000 of life coverage for children age 6 months or older

    4. Accidental Death Coverage: (The suddenness of accidental death makes it    particularly hard for young families who are more vulnerable to the unexpected loss of income.)
 

• This benefit pays double the face amount of life insurance in the event you die in an accident
• This coverage is also available for your spouse, but it is not available for your children

    5. Additional Benefits
 

• The accelerated death benefit allows for early payment of up to 50% of your coverage amount, not to exceed $100,000, if you are terminally ill with a life expectancy of less than six months. Your death benefit will be reduced by the amount you elect to receive under this provision.
• Waiver of premium provision allows the employee to continue life insurance coverage without payment while the insured is totally disabled. Disability must occur before age 60. Premiums may be waived until recovery, until the employee’s coverage would normally terminate, or until age 65, whichever is earlier.