Midwest Coalition of Labor Trust, Bricklayers ADC of Eastern Missouri
Group Term Life Insurance provides your beneficiaries with a payment they can use on anything they’d like if you pass away during a specific period of time (known as a “term”). Typically, the term of this coverage is one year and renews on a yearly basis, along with your other employer-offered benefits. For a complete description of benefits, exclusions and limitations, refer to your certificate of insurance and riders.
Your Group Term Life Insurance includes the following benefits:
If you are diagnosed with a terminal illness with a limited life expectancy, you may receive a portion of your death benefit while still living. Receipt of the accelerated benefit may be taxable, or may adversely affect your eligibility for Medicaid or other government benefits. You should consult your personal tax advisor to find out the impact of this benefit.
If you are severely injured or pass away due to a covered accident, you or your beneficiary will receive a separate benefit that can be used any way you choose.
You may convert your life insurance coverage to an individual Whole Life Insurance policy when you leave your employer or lost your eligibility for coverage under the employer’s group policy.
Group Name: Midwest Coalition of Labor Trust
Group Number: 706965
Voya Cares® is not insurance coverage. It is a service offered through the Voya family of companies.
What is Group Term Life Insurance?
Group Term Life Insurance is offered through your employer and pays a benefit to your beneficiary if you pass away during a specific period of time or "term". Your employer may offer Basic Life Insurance, which is usually the amount they provide at no cost to you. You may also have the option to elect coverage called Supplemental Life Insurance, with premium deductions taken directly from your paycheck.
How can life insurance help?
Below are a few examples of how your life insurance benefit could be used (coverage amounts may vary)
Why should I enroll through my employer?
Can I purchase coverage for my spouse and child?
If offered, you may purchase coverage for your eligible spouse and children. Refer to your enrollment brochure to learn about eligibility and the available options.
How much does it cost?
The monthly cost of life insurance varies based on your age and how much you want to purchase, but it is very likely that your monthly premiums will be less than your monthly coffee or entertainment budget.
Do I need to provide health information?
Depending on the amount of coverage you select or the offer to your group, you may need to provide evidence of insurability on yourself, your spouse and/or your children. When evidence of insurability is required, the insurance company will need to approve it before coverage becomes effective.
This is a summary of benefits only. A complete description of benefits, limitations, exclusions and termination of coverage will be provided in the certificate of insurance and riders. All coverage is subject to the terms and conditions of the group policy. If there is any discrepancy between this document and the group policy documents, the policy documents will govern. To keep coverage in force, premiums are payable up to the date of coverage termination. Group Term Life Insurance is underwritten by ReliaStar Life Insurance Company (Minneapolis, MN), a member of the Voya® family of companies. Policy Form ICC LP14GP or LP00GP (may vary by state).
Mark and Becky’s lives were busy with work, sports and three children. Mark was the breadwinner and Becky was a stay-at-home mom. Mark had been suffering from recurring headaches and was diagnosed with an inoperable brain tumor. Fortunately for their family, Mark had Group Term Life Insurance through his employer. When Mark passed away, Becky was able to use the life insurance benefit to pay for the remaining home mortgage and cover Mark’s funeral expenses. There was even enough money to support the family while she transitioned to being a single working parent.
|Total Life Insurance Proceeds||$180,000|
|Remaining Benefit Amount||$97,000|
This is shown for illustrative purposes only. Actual results may vary. For a complete description of your available benefits, exclusions and limitations, see your certificate of insurance and any riders.
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