Term Life Insurance :: Summary of Benefits
Below is a summary of benefits for Guardian's term life insurance benefits. For more details view the complete benefits booklet
Coverage Amounts
Available coverage amounts differ for members, spouses, and dependent children.
Members: Members may elect coverage amounts of $50,000; $100,000; $200,000; $250,000; $300,000; $400,000; $500,000; $750,000; or $1,000,000.
Spouses: Spouses are eligible to elect coverage amounts up to 50% of the member's amount, up to a maximum of $250,000 (in increments of $50,000).
Dependent Children: Coverage amounts vary by age.
- Birth to 14 days - not eligible for benefits
- 14 days to 6 months - eligible for $500
- 6 months to 23 years (or to 25 years for a full-time student) - eligible for 10% of the member's amount, up to a maxim of $4,000.
Plan Features
Waiver of Premium to age 60: If a member becomes totally and permanently disabled prior to age 60, his or her life insurance will continue in force without further payment of premium on a year-to-year basis, subject to periodic submission of evidence of total and permanent disability.
Conversion: If you choose to terminate your Freelancers Union membership, you can convert this policy to an individual policy (subject to the terms of your contract).
Member Age Reduction: Coverage Amounts for the member decrease by 50% at age 65 and terminate upon their attainment of age 70.
Spouse Age Reduction: Coverage Amounts for the spouse cannot exceed 50% of the member's amount and will terminate upon the spouse's attainment of age 70.
General Limitations and Exclusions
Suicide: Guardian will pay no benefits if the insured's death is due to suicide within two years from the insured's original effective date. This two year limitation also applies to any increase in benefits. This exclusion may vary according to state law.
Conditional Underwriting: A "no" response to the conditional medical question on your enrollment form enables you, and any dependents you wish to cover, to receive a higher non-medical amount without supplying any further evidence of insurability. Any "yes" response to the conditional medical question will require further proof on insurability in order to be covered.
All late entrants and increases in coverage amount require underwriting approval.
