Premier Whole Life Insurance
Group Number: 702129
Get a lifetime of protection for you and your family.
Whole Life Insurance pays a benefit to your beneficiary if you pass away. The insurance coverage you purchase and the payment amounts are guaranteed to be fixed for the life of the policy as long as you meet the required premium payments. Once cash value accumulates, you can borrow against that value at the rate shown in the policy. The death benefit will be reduced by the amount of any outstanding loan and unpaid accrued interest.
Your Premier Whole Life Insurance includes the following benefits:
Accelerated Benefit
Upon diagnosis of a terminal illness, as defined in the policy, you can access up to 50% of the life insurance death benefit while you are 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 assess the impact of this benefit.
Accidental Death Benefit
If you die in a covered accident, an additional benefit equal to the base policy face amount, up to $150,000, is payable to your designated beneficiary.
- Coverage is available for eligible employees and spouses age 15 through 60 years.
- This rider terminates on the policy anniversary following age 65.
Children’s Term Insurance Benefit
This benefit offers a fixed amount of term life insurance coverage, and guaranteed issue coverage with one premium rate for all eligible, unmarried, dependent children ages 15 days through 24 years.
- Coverage up to $10,000 is available.
- One underwriting question at the time of application.
- This benefit cannot be elected after you have chosen to cover your children with an individual child policy.
- Features a conversion privilege that allows coverage to be maintained through the balance of the insured’s life.
Long Term Care Benefit
Designed to allow you to receive an accelerated payment of your death benefit if you are receiving qualified care to assist with daily living, including home health care, adult day care or confinement to a long term care facility. 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 assess the impact of this benefit.
Additional services:
Voya Cares®
Details
Voya Cares® is not insurance coverage. It is a service offered through the Voya family of companies.
What is Whole Life Insurance?
Whole Life Insurance is an individual life insurance policy that pays a benefit to your beneficiary if you pass away. Your premium payments will stay the same for the life of the policy, as long as you meet the required premium payments. Plus, the policy builds cash value, which you can borrow against. Any unpaid loan would be subtracted from the benefit that is paid to your beneficiary.
How can life insurance help?
Below are a few examples of how your life insurance benefit could be used to help:
- Pay off any remaining medical bills, funeral costs and debts
- Provide ongoing financial support to your family
- Keep your family in your home by paying off the mortgage
- Fund your children’s education
Why should I enroll through my employer?
- After the first policy year, you can choose to increase the death benefit to meet your changing needs.
- Insurance premiums are deducted from your paycheck, so you never have to worry about a separate payment.
- Should you leave your current employer or retire, you can take your coverage with you and pay the insurance company directly..
Can I purchase coverage for my spouse and child?
Your spouse is eligible to apply for insurance by meeting eligibility requirements.Children and dependent grandchildren ages 15 days through 24 years (may vary by state) are eligible to apply for several coverage options.
How much does it cost?
For details regarding the specific premium with the various benefits, speak with a licensed insurance producer.
Do I need to answer any health questions?
Amounts applied for above the issue limits may require medical questions and/or additional underwriting. Please review your enrollment materials or speak to your licensed insurance provider for further information. When underwriting is necessary, it needs to be approved by the insurance company before coverage is issued.
Benefit Basics video
Real Life Example
Miles and Alex spent their lives building their careers, raising two boys, and participating in community organizations. The year before they were both set to retire, Alex was diagnosed with an aggressive and terminal cancer. Fortunately, Miles had purchased Premier Whole Life Insurance for himself and Alex years ago. After Alex passed, Miles was able to use Alex’s life insurance benefit to cover their funeral expenses and pay off the remaining mortgage. There was even enough money for Miles to invest in retirement.
Example Expenses
| Total Benefit | $150,000 | |
| Funeral Expenses | $7,500 | |
| Remaining Mortgage | $100,000 | |
| Remaining Benefit Amount | $42,500 |
This is shown for illustrative purposes only. Actual results may vary. Read your policy and riders carefully for exact terms and conditions.
