Supplemental group term life insurance builds no cash value, but it offers coverage for growing families at reasonable rates. For example, a qualified minister or church-employed layperson (age 30 to 34) may receive a maximum of $500,000 in coverage for as little as $528 annually. Additionally, a spouse may apply for a maximum of $125,000, not to exceed the primary individual’s coverage. Coverage must be purchased in increments of $10,000 (minister) and $5,000 (spouse). Also, dependent children* are covered at no cost, with 50% of the benefit purchased for the spouse (not to exceed $20,000).
The good news with this policy is that if you are within 90 days of a “life event,” such as marriage, birth or adoption of a child, ordination, receipt of first district license, or first full-time/full-livelihood employment by a qualified employer, you do not have to show evidence of insurability. There are, however, age and amount limitations (see below).
The good news with this policy is that if you are within 90 days of a “life event,” such as marriage, birth or adoption of a child, ordination, receipt of first district license, or first full-time/full-livelihood employment by a qualified employer, you do not have to show evidence of insurability. There are, however, age and amount limitations (see below).
Important Features and Limitations to the Supplemental Life Insurance Plan:
Life Event Guaranteed Issue Amount: If you are younger than age 60, you may apply for insurance or increase your coverage, not to exceed $250,000 ($125,000 on your spouse) within 90 days of the following life events: Your Marriage, The Birth of Adoption of a Child, Your First District Ministerial License, Your Ordination, Your First Full-Time/Full-Livelihood Employment by a Qualified Employer.
Conversion: If you terminate employment, are no longer eligible for coverage, or your coverage reduces due to age, you have the opportunity to purchase an individual conversion life insurance policy within 31 days of your termination of coverage.
Premium Waiver: If you cease work due to a permanent and total disability before reaching age 65, your life insurance may be extended, at no cost to you or your employer, once you have completed a six-month waiting period. If your claim is approved, your life insurance will continue until the earlier of 1) the date you recover or 2) the date you fail to show The Hartford proof of continued disability, otherwise it terminates at age 70.
Conversion: If you terminate employment, are no longer eligible for coverage, or your coverage reduces due to age, you have the opportunity to purchase an individual conversion life insurance policy within 31 days of your termination of coverage.
Premium Waiver: If you cease work due to a permanent and total disability before reaching age 65, your life insurance may be extended, at no cost to you or your employer, once you have completed a six-month waiting period. If your claim is approved, your life insurance will continue until the earlier of 1) the date you recover or 2) the date you fail to show The Hartford proof of continued disability, otherwise it terminates at age 70.