Universal Life Insurance
Universal Life insurance offered through Trustmark Insurance Company is an important part of a balanced financial plan. It is different than Supplemental Term Life insurance in a number of ways. In addition to providing death benefits to your family, this versatile benefit builds cash value that can help with other financial needs such as sending your children to college, or supplementing your retirement.
Your options are flexible, so you can select the insurance protection and cash value components that meet your needs.
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You can adjust your benefits as your needs change. And once you have been approved for coverage, your premiums and coverage remain the same unless you choose to adjust them.
Coverage is available for your spouse, children and grandchildren, even if you do not purchase coverage for yourself. Coverage is portable so you can take your coverage with you if you retire, reduce your hours or change jobs.
Guaranteed Issue for New Hires
Eligible employees hired on or after December 28, 2010 were able to apply for Guaranteed Issue Coverage during the 2012 Benefits for Life Open Enrollment Period.
Built-in Policy Features
| Long Term Care Benefit |
| Provides a monthly benefit of 4% of the death benefit amount, for up to 25 months for a medically necessary stay in a qualified long term care facility or assisted living facility, medically necessary home health care, and adult day care services. Benefits are paid as advance death benefits and will proportionately reduce both the final death benefit payable to the beneficiaries and the plan's cash value. Benefits paid may or may not be taxable, depending on how the IRS interprets applicable portions of the Tax Code. |
| Restoration of Death Benefit |
| If long term care benefits are paid from the policy, this feature restores the full death benefit amount to your beneficiary upon your death.
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| Accelerated Death Benefit |
| If you become terminally ill and a physician determines that death will most likely occur within 24 months, you may request up to 75% of the plan's death benefit (to a maximum of $225,000, less an administrative fee of $200). The accelerated death benefit is subject to review by Trustmark and is subtracted from the final death benefit. |
There are also optional policy features, such as the EZ Value Plan, which serves as a hedge against inflation by automatically increasing your coverage for $1 per week without evidence of insurability. Optional Waiver of Premium means no premiums are due if you suffer a qualifying disability. Extension of Benefits doubles the length of time long term care benefits are paid.
Universal Life Sample Rates
Shown below are sample weekly rates for Universal Life insurance for a non-smoker at ages 30, 40 and 50 with $20,000 of coverage.
| Age |
Weekly Rate for $20,000 of Coverage |
| 30 |
$3.02 |
| 40 |
$4.95 |
| 50 |
$8.72 |
Universal Life Insurance is underwritten by Trustmark Insurance Company. For complete details of coverage including exclusions and limitations, refer to Plan GUL-205 and HH/LTC/BRR/EOB Riders.
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