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Voya Employee Benefits Resource Center

Midwest Coalition of Labor Trust, IUPAT-DC7

Group Term Life Insurance

Help protect your family’s financial future after you’re gone.

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:

Accelerated Death Benefit

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.

Accidental Death and Dismemberment (AD&D) Insurance

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.

Conversion

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.

Additional services included:
Funeral Planning, Will Prep, and Concierge Services

Group Name: Midwest Coalition of Labor Trust
Group Number: 706965

Employees receive help making decisions about all funeral related issues and then have those plans put into action with services provided by Everest Funeral Concierge, an independent consumer advocate. Includes access to Will Prep, an online tool that allows users to create a variety of customized end-of-life legal documents. To learn more click here.


If you have questions or need immediate assistance please call 1‑800‑913‑8318.

Funeral Planning, Will Prep and Concierge Services provided by Everest Funeral Package, LLC, Houston, TX. Services and availability may vary by state.

Voya Cares®

Voya Cares® is not insurance coverage. It is a service offered through the Voya family of companies.

 
We are committed to being a leader in making a positive difference in the lives of individuals with special needs and disabilities - as well as their families, caregivers and other providers - by offering a depth of resources focused on education, planning and solutions through Voya Cares®.

Certificates
Review this document for a complete overview of benefits

Basic Life & AD&D Certificate Supplemental Life & AD&D Certificate

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)

  • 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?

  • Premium amounts are deducted from your paycheck, so you don’t have to worry about paying another bill.
  • You may apply to take coverage with you if you leave your current employer or are no longer eligible for coverage through your 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.

Exclusions and Limitations.
Supplemental Life Insurance coverages have a two-year suicide exclusion from the effective date of coverage or an increase in coverage.

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). 

Medical bills or funeral costs can be large expenses that you might not be prepared for. Group Term Life Insurance pays a benefit to your loved ones if you pass away while you're covered.

Example Expenses

Total Life Insurance Proceeds $180,000
Funeral Expenses $8,000
Remaining Mortgage - $75,000
Remaining Benefit Amount $97,000

The amounts shown above are for illustrative purposes only. Actual costs/results may vary.

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