HomeMy WebLinkAboutSupplementalSpecial Offer Exclusively for Employees of Iowa City
Make Your Loved Ones Top Priority Today
Supplemental Life Insurance
This brochure is not the insurance contract. It is a brief description of the group policy issued to City of Iowa City.
What Age Should You Think About
Buying Additional Life Insurance?
Most people know that those with a family and/
or a mortgage need Life Insurance. However,
many believe that unmarried young people
who neither have dependents nor a mortgage
do not need Life Insurance. The reality is that
when people die young, the surviving family may
be unprepared for the shock. A Life Insurance
policy may ease tension during that time by
helping with unexpected expenses such as
funeral fees, debts or medical bills not covered
by insurance.
Are There Any Medical Questions
or Tests Needed to Qualify for the
Plan?
You will need to fill out a Medical Questionnaire
(Evidence of Insurability Form) ONLY if any of
the following applies to you (Please note that
coverage may be declined based upon your
answers to the medical questions):
• if you fail to enroll within 31 days of your
hire date,
• if you choose more than $100,000 of
coverage for yourself,
• if you choose more than $30,000 of
coverage for your spouse.
What is Supplemental Life
Insurance?
Supplemental Life Insurance allows you to
choose additional Life Insurance coverage at
the group rates. This coverage is paid through
convenient deductions from your paycheck. The
best part is receiving the group rates.
Can You Afford Extra Coverage?
Because your employer is large, you are able
to take advantage of affordable group rates,
rather than relying upon individual insurance
which may be more expensive. Your employer is
looking out for you and your family. They have
made the decision to offer this Supplemental Life
Insurance coverage so that you can protect your
loved ones at a reasonable cost.
How Much Life Insurance Coverage
Do You Need?
According to the American Council of Life
Insurers’ (ACLI) 2008 consumer brochure,
“What You Should Know About Buying Life
Insurance”, some experts suggest your policy
“...should pay a benefit equal to 7-10 times
your annual income.” To evaluate your personal
needs, consider whether or not your loved ones
would need to pay for any of the expenses
shown on the back side of this sheet, plus other
personal expenses. Once you add it all up,
would your basic group policy provide enough?
To evaluate your needs online, use the simple
Life Insurance calculator at lifehappens.org.
(over)
Single person with no dependents:
• Funeral expenses
• Medical bills
• Elderly parents you may support
• Debts (credit cards, student loans)
Single person with dependents:
• Funeral expenses
• Medical bills
• Debts (car, mortgage)
• Childcare/Caretaker fees
• Health Insurance payment
• Elderly parents you may support
• Education costs
Couple with no dependents:
• Funeral expenses
• Medical bills
• Elderly parents you may support
• Debts (mortgage, car)
Couple with dependents:
• Funeral expenses
• Medical bills
• Debts (mortgage, car)
• Child-rearing expenses
• Health Insurance payment
• Elderly parents you may support
• Education costs
Older couple:
• Funeral expenses
• Medical bills
• Estate taxes
• Income for surviving spouse
• Debts (home, vacation home, recreational
vehicle)
• Health Insurance payment
• Assets for children or grandchildren
A Few Reasons Why You May Need
Additional Life Insurance:
Underwritten By:
PO Box 5008, Madison, WI 53705
Administered By:
9202 West Dodge Road, Suite 302
Omaha, NE 68114
ph: 800.597.2341/ fx: 402.592.1808
Certificate form number GTL-2-CERT
ici.nh.broch.life.08.09
Unique Features of the Iowa City Plan
Leave of Absence Provision: Your Life Insurance
will remain in effect during an employer-approved
paid or unpaid leave of absence up to 24 months,
per your employee contract, as long as premium
payments continue to be made.
Accelerated Death Benefit: If you are diagnosed
with a terminal illness, a portion of the Life Insurance
benefit can be paid to you while you are living to
cover medical expenses, go on a dream vacation
or fulfill any other desired purpose. Minimum and
maximum amounts apply.
Waiver of Premium Benefit: If you become
totally disabled prior to age 60 and are unable to
work in any occupation, your Life Insurance coverage
would continue to age 65 and you would not have
to make any premium payments after you have been
disabled for six months.
When Will Coverage End?
Portability: If your employment ends, you can
choose to take the Life Insurance coverage with
you. Restrictions apply, premiums and fees may be
higher and you must apply and pay the first premium
payment within 31 days following termination.
Age: All coverage reduces to 65% at age 70, 45%
at age 75, 30% at age 80, 20% at age 85, 15% at
age 90, 10% at age 95 and terminates at retirement.
Additionally, spouse and child/ren coverage will end
when the employee’s coverage ends.
Dependent Child: The coverage will end when
your child reaches age 21 (25 for full-time student)
unless your child is an eligible disabled child who is
unable to work.
Armed Forces: The coverage will end if the covered
person enters the armed forces on a full time basis.
Life Insurance Limitations and Exclusions
Suicide: If you or your spouse or your dependent(s) commit suicide within two years from the effective date of coverage, no benefits will be payable.
0-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75+
$10,000 $0.80 $0.90 $1.15 $1.80 $2.70 $4.20 $6.20 $8.30 $14.90 $23.80 $40.70
$20,000 $1.60 $1.80 $2.30 $3.60 $5.40 $8.40 $12.40 $16.60 $29.80 $47.60 $81.40
$30,000 $2.40 $2.70 $3.45 $5.40 $8.10 $12.60 $18.60 $24.90 $44.70 $71.40 $122.10
$40,000 $3.20 $3.60 $4.60 $7.20 $10.80 $16.80 $24.80 $33.20 $59.60 $95.20 $162.80
$50,000 $4.00 $4.50 $5.75 $9.00 $13.50 $21.00 $31.00 $41.50 $74.50 $119.00 $203.50
$60,000 $4.80 $5.40 $6.90 $10.80 $16.20 $25.20 $37.20 $49.80 $89.40 $142.80 $244.20
$70,000 $5.60 $6.30 $8.05 $12.60 $18.90 $29.40 $43.40 $58.10 $104.30 $166.60 $284.90
$80,000 $6.40 $7.20 $9.20 $14.40 $21.60 $33.60 $49.60 $66.40 $119.20 $190.40 $325.60
$90,000 $7.20 $8.10 $10.35 $16.20 $24.30 $37.80 $55.80 $74.70 $134.10 $214.20 $366.30
$100,000 $8.00 $9.00 $11.50 $18.00 $27.00 $42.00 $62.00 $83.00 $149.00 $238.00 $407.00
$110,000 $8.80 $9.90 $12.65 $19.80 $29.70 $46.20 $68.20 $91.30 $163.90 $261.80 $447.70
$120,000 $9.60 $10.80 $13.80 $21.60 $32.40 $50.40 $74.40 $99.60 $178.80 $285.60 $488.40
$130,000 $10.40 $11.70 $14.95 $23.40 $35.10 $54.60 $80.60 $107.90 $193.70 $309.40 $529.10
$140,000 $11.20 $12.60 $16.10 $25.20 $37.80 $58.80 $86.80 $116.20 $208.60 $333.20 $569.80
$150,000 $12.00 $13.50 $17.25 $27.00 $40.50 $63.00 $93.00 $124.50 $223.50 $357.00 $610.50
$160,000 $12.80 $14.40 $18.40 $28.80 $43.20 $67.20 $99.20 $132.80 $238.40 $380.80 $651.20
$170,000 $13.60 $15.30 $19.55 $30.60 $45.90 $71.40 $105.40 $141.10 $253.30 $404.60 $691.90
$180,000 $14.40 $16.20 $20.70 $32.40 $48.60 $75.60 $111.60 $149.40 $268.20 $428.40 $732.60
$190,000 $15.20 $17.10 $21.85 $34.20 $51.30 $79.80 $117.80 $157.70 $283.10 $452.20 $773.30
$200,000 $16.00 $18.00 $23.00 $36.00 $54.00 $84.00 $124.00 $166.00 $298.00 $476.00 $814.00
$210,000 $16.80 $18.90 $24.15 $37.80 $56.70 $88.20 $130.20 $174.30 $312.90 $499.80 $854.70
$220,000 $17.60 $19.80 $25.30 $39.60 $59.40 $92.40 $136.40 $182.60 $327.80 $523.60 $895.40
$230,000 $18.40 $20.70 $26.45 $41.40 $62.10 $96.60 $142.60 $190.90 $342.70 $547.40 $936.10
$240,000 $19.20 $21.60 $27.60 $43.20 $64.80 $100.80 $148.80 $199.20 $357.60 $571.20 $976.80
$250,000 $20.00 $22.50 $28.75 $45.00 $67.50 $105.00 $155.00 $207.50 $372.50 $595.00 $1,017.50
$260,000 $20.80 $23.40 $29.90 $46.80 $70.20 $109.20 $161.20 $215.80 $387.40 $618.80 $1,058.20
$270,000 $21.60 $24.30 $31.05 $48.60 $72.90 $113.40 $167.40 $224.10 $402.30 $642.60 $1,098.90
$280,000 $22.40 $25.20 $32.20 $50.40 $75.60 $117.60 $173.60 $232.40 $417.20 $666.40 $1,139.60
$290,000 $23.20 $26.10 $33.35 $52.20 $78.30 $121.80 $179.80 $240.70 $432.10 $690.20 $1,180.30
$300,000 $24.00 $27.00 $34.50 $54.00 $81.00 $126.00 $186.00 $249.00 $447.00 $714.00 $1,221.00
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Your Age
iac.new.rs.08.09
Employee
Coverage
Choose your Life Insurance
coverage in $10,000
increments up to $300,000.
Note: the amount cannot
exceed six times your annual
salary.
Spouse Coverage
Choose your spousal
coverage in $10,000
increments up to $300,000.
Note: the spousal amount
cannot exceed your amount.
Child Coverage
Choose one of the following
coverage amounts for your
child/ren:
$2,000 for $0.30 per month
$5,000 for $0.75 per month
$10,000 for $1.50 per month
Monthly Premium Payments for Iowa City Supplemental Life Insurance
Conveniently Deducted from Your Paycheck