Help protect the financial future of the ones you love

Transcription

1 AETNA VOLUNTARY LIFE PLAN Aetna Voluntary Plans Help protect the financial future of the ones you love E (4/11)

2 With term life insurance, you can start protecting your future today Help your loved ones stay financially secure Do you have loved ones that count on your income? A home, a car, education, the list goes on. What would happen to them if something happened to you? Aetna Voluntary Life Plan is term life insurance coverage that can help provide the money they need to pay your final expenses and for their ongoing financial needs. We have the products that can help protect you and your family at an affordable price. What is term life insurance? Term life insurance helps protect you for a specific time period or term. In the event of your death, a benefit is payable to your beneficiaries in the amount of coverage provided by your plan, subject to plan provisions. We pay your beneficiary(ies) the amount of coverage you are eligible for under the policy. This term life insurance is available through your employer. Please see your Summary of Benefits, if available, or contact your benefits manager for plan offering details and how to enroll. Three reasons to buy term life insurance: It s responsible. Whether you are young and single or leaving a family behind, your death will have a financial impact on those you love. It s affordable. Term life insurance is generally less expensive than other types of life insurance, and your cost is based on a group rate and other factors per your plan documents. It s convenient. It s easy to enroll at work and premiums are typically paid through payroll deduction. Life insurance plans/policies are offered and/or underwritten by Aetna Life Insurance Company (Aetna).

3 There is more to life insurance than just money Specific features of life insurance policies can vary from employer to employer, but most Aetna Voluntary Life Plan policies include features that add extra value to the protection you receive. Family coverage. Looking for more security? You might be eligible to buy coverage for your spouse or dependent children under the dependent coverage feature. Taking coverage with you. Want flexibility? Your policy might offer a portability feature. You can keep your term coverage and your dependent coverage if you leave your job for a reason other than disability. You would pay your premiums directly to us. Converting to an individual policy. Do your benefits change if you switch to part-time work? You can convert your life insurance coverage to an individual whole life insurance policy if you re no longer eligible for coverage under your policy. You can also convert the amount of life insurance you are unable to take with you. You would simply pay your premiums directly to us. No premiums during disability. Your plan might carry a premium waiver provision. If it does and you become permanently and totally disabled, and are unable to work, your life insurance can continue at no additional cost to you. Get benefits when you need them. Help protect your life s savings. Many policies include an accelerated death benefit. It lets terminally ill members use a specific percentage of their life insurance benefits to help pay medical and other bills during an illness. Please review your plan s Summary of Benefits, if available, or check with your benefits manager to find out which of these features apply to your employer s Aetna Voluntary Life Plan. Coverage options and features of life insurance policies vary between employers and states. Consult your Certificate of Insurance or contact your human resources department for plan offering details on how they differ. Get discounts on vision products, fitness clubs and more! Aetna Life Essentials SM programs provide discounts and services available to you during your life, at the end of your life and later to help the ones you love. Aetna Life Essentials provides access to discounted prices and is NOT insurance. It s included at no additional charge to Aetna Voluntary Life Plan members.* Here s what you ll get: Lifestyle discounts. We want to help keep you healthier longer. Our healthy lifestyle programs help you save on fitness, hearing, vision and more. It s our way of helping you stay healthy from head to toe. Financial guidance. Enjoy financial guidance from JPMorgan Chase.** Get help with short- and long-term financial goals. Explore investment programs. Legal services. Get legal information through ARAG Services, LLC.*** Get free forms to create living wills and more. How about legal forms to help with estate planning? There s also information to help protect against identity theft. * The cost of the program is included in the premium you pay. ** Securities and investment advisory services are independently offered through Chase Investment Services Corp. (CISC), a subsidiary of JPMorgan Chase Bank. CISC is a full-services broker-dealer and a registered investment advisor. *** Legal Reference Program services are independently offered and administered by ARAG North America (ARAG). Aetna does not participate in attorney selection or review, and does not monitor ARAG services, content or network.

4 Want to figure out the life insurance benefit you need? A life insurance rule of thumb It s important to reassess your needs and update your personal financial plan. Make sure your coverage has kept up with changes in your life, such as marriage, children or purchasing a home. Use our worksheet only as a guide. Look at your insurance needs carefully and talk to a financial counselor. Here s a calculator worksheet to use as a guide. 1. Annual Income Needed (Each 12-Month Period) Mortgage/Rent (total monthly payments, real estate taxes, home repairs and improvement, furniture, etc.) $ Utilities/other home expenses $ Food, medicines $ Clothing $ Transportation (car payments, gas, repairs, bus, etc.) $ Child care (day care, sitters, other) $ Other (such as entertainment) $ Total Annual Income Needed $ 2. Sources of Annual Income of Surviving Spouse Annual income of surviving spouse/other family member $ Annual earnings (investments, earnings on savings, etc.) $ Other (Social Security, pension, etc.) $ Total Source of Annual Income $ Subtract Total Sources of Annual Income from Total Annual Income Needed (Section 1 Total minus Section 2 Total) $ Multiply by Number of Years You Would Like to Provide Support 3. Total Income Needed by Family $ 4. Lump-Sum Expenses Needed (What you want/need to pay off) $ Mortgage $ Funeral $ Medical $ Estate costs, federal and state taxes $ Debts to be paid off (credit cards, loans, etc.) $ Education (total education costs for all children) $ Other (support of aging family members, etc.) $ Total Lump-Sum Expenses $ Total Coverage Needed Add Total Income Needed by Family + Lump-Sum Expenses Needed (Section 3 Total plus Section 4 Total) $ Subtract Current Coverage Held (term life insurance, etc.) $ Total Additional Term Life Insurance You Need to Purchase $ years

5 Tell your loved ones you ll help take care of them now and down the road. Enroll in an Aetna Voluntary Life Plan today! Get emotional support at no additional cost Terminal illness is stressful for everyone involved. To help you and your loved ones cope, our Aetna Life Essentials program also offers: Counseling services. We re ready to listen. We give you, your family members, and caregivers access to bereavement and grief counseling services. Counseling is also available by phone to your beneficiaries after you pass. It s all confidential. A professional is here to help you. Our compassionate care website. Log on. We ll help you begin talking about end-of-life issues. You ll find end-of-life care information, plus facts about living wills and more. We even have checklists to help you organize your important papers and contacts. A care advocate. You have someone to lean on. As an Aetna Life Insurance member, you ll have access to a licensed social worker who can help you make important decisions as you near the end of life. You need life insurance at every stage in life Single and in your 20s. Student loans. Car payments. Credit cards. Life insurance can help prevent your debt from becoming your family s problem. Final expenses need to be taken care of, too. You should make sure there will be enough money on hand to meet these needs. Married with young children. You may have little savings and big responsibilities. There s the mortgage, bills and more. If you die prematurely, life insurance can help to give your spouse and children the support they need. Single parent and sole breadwinner. You re the one they count on. Life insurance can help pay for their day care and other living expenses if you are no longer here. Their dreams of college can still come true. Married homeowner with no children. You and your spouse have worked hard, and there s something to show for it. Life insurance can help your spouse hold onto the assets you ve both earned. Midlife couple with college-age kids and/or elderly parents. Help protect your spouse from a big financial loss. Life insurance benefits can help cover living expenses, college bills and the cost of care for elderly parents. Retirement savings remain secure. Couple with grown children. Your grandchildren need help with college expenses. And wouldn t it be nice to leave money to your favorite charity? Whatever your goals, having life insurance should be an important part of your overall financial plan.

6 If your loved ones no longer had your income, could they afford: The cost of bringing up a child? Average prices for full-time, in-home care were as much as $10,324 for infants, $9,805 for a 4-year-old and $7,124 for a school-age child. 1 College tuition? On average, the tuition for a private, not-for-profit four-year college is over $26,000 per year! 2 Life insurance is a valuable asset. You ll feel better planning for the future. An Aetna Voluntary Life Plan is a wise decision. Enroll today! Exclusions Employee and Dependent Life Insurance may include a two-year suicide exclusion. Dependent Life Insurance may also exclude children under 14 days of age and dependents who are in full-time active military duty. Other limitations and exclusions apply. See your Certificate/Evidence of Coverage for further information on these and all other plan provisions. The average price of full-time care for an infant in a center in 2008 was as high as $15,895 a year. 1 Talk to your benefits manager about enrolling in an Aetna Voluntary Life Plan today! 1 Parents and the High Price of Child Care: 2009 Update. National Association of Child Care Resource & Referral Agencies website, Accessed June 7, Trends in College Pricing 2009, CollegeBoard, accessed in April 2009 at Life insurance plans/policies are offered and/or underwritten by Aetna Life Insurance Company (Aetna). This material is for information only and is not an offer or invitation to contract. Health information programs provide general health information and are not a substitute for diagnosis or treatment by a physician or other health care professional. Discount programs provide access to discounted prices and are NOT insured benefits. The member is responsible for the full cost of the discounted services. Life insurance plans/policies contain exclusions and limitations. Information is believed to be accurate as of the production date; however, it is subject to change. For more information about Aetna plans, refer to Specific features of life insurance plans vary, depending on employers and states. See policy or plan documents for a complete description of benefits, exclusions, limitations and conditions of coverage. Policy forms issued in Oklahoma include: GR-9/GR-9N and/or GR-29/GR-29N Aetna Inc E (4/11)