Group Term Life Cost & Extra Features
Life insurance can be costly for individuals, however, the life insurance benefit that the PEF Membership Benefits Program provides through Sun Life, is a group policy, and as such, you may find that the rates are less expensive than what you will find if you try to purchase a plan elsewhere. In addition, the Sun Life Group Term Life insurance has many additional features you may not find with other plans.
Group term life special features
- Unlike other Group Term Life programs, your Group Term Life insurance through Sun Life does not end upon retirement (many other policies expire after 10 years). You must elect Retiree Voluntary Life Insurance within 120 days following your retirement. You may not elect Retiree Voluntary Life Insurance later than 120 days following retirement. You may elect to reduce your amount of Retiree Voluntary Life Insurance, but you may not elect to increase coverage, nor reinstate terminated coverage. Benefits reduce to 60% of the amount in force on the first of the month following the month in which active members attain age 70. If you are a 70 year old retiree and you have participated in the plan for at least five (5) continuous years preceding the attainment of age 70, your amount of Retiree Voluntary Life Insurance will reduce to $20,000, or you may elect a further reduction in in benefits to $10,000 or $5,000. If you have not been in the plan for five (5) continuous years, your coverage will terminate.
- The amount of coverage will increase when your salary increases–without having to satisfy a medical coverage questionnaire.
- Accelerated benefit–should you or your spouse/domestic partner become diagnosed as terminally ill with a 12-month-or-less life expectancy, this benefit allows an accelerated payment of a portion of the terminally ill person’s life insurance proceeds.
- Accidental Death & Dismemberment*–if you are insured for life insurance, you are automatically covered for an equal amount of AD&D insurance, and the premium is included in the rate. Accidental Death coverage provides an additional benefit equal to the amount of your life insurance coverage and is payable if your death occurs as a direct result of a covered accidental bodily injury sustained while insured, provided the death occurs within 365 days of the accident. Accidental Dismemberment pays a benefit if, while insured, you suffer a covered bodily injury caused by an accident and if, within 365 days after the accident, you lose, as a direct result of the injury, a hand, foot, or eye.
Additional product features under AD&D insurance
- Child Care benefit–payable for each dependent if the dependent is younger than age 13 at the time of your death and if you provide proof of the dependent’s enrollment in a licensed child care program.
- Dependent Child Education benefit–payable to each of your dependents who qualify as a student.
- Spouse/Domestic Partner benefit–You may insure your spouse or domestic partner for a single lump sum for the lesser of expenses or $5,000 for employment training within one year of your death.
- Seat Belt benefit–if you die in a motor vehicle accident, the seat belt benefit may be paid in addition to the accidental death benefit.
- Air Bag benefit–is payable if a Seat Belt benefit is payable and you were in a seat protected by a supplemental restraining system that inflated on impact.
- Common Carrier benefit–if you die while traveling as a fare-paying passenger on a common carrier, a Common Carrier benefit may be payable in an amount equal to your Accidental Death benefit.
- Bereavement Counseling benefit–if an Accidental Death benefit is payable, Bereavement Counseling benefits up to $250 per immediate family member, up to a maximum of $1,000 per family, are payable during the 12 months following your death.
- Disappearance benefit–Sun Life will presume, subject to no objective evidence to the contrary, that you are dead and death is a result of an Accidental Bodily injury if:
- You disappear as a result of an accidental wrecking, sinking, or disappearance of a conveyance in which you were known to be a passenger, and
- Your body is not found within 365 days after the date of the conveyance’s disappearance.
Footnotes, Additional Details & DisclaimersFor NY consumers: Receipt of Accelerated Death Benefits may affect eligibility for public assistance programs and may be taxable.
Group life and disability insurance policies are underwritten by Sun Life and Health Insurance Company (U.S.) (Windsor, CT) under Policy Form Series 13-GP-LH-01, 12-LF-C-01, 12-GPPORT-P-01, 13-LFPort-C-01, 13-LTD-C-01, 12-LTD-P-01, 13-STD-C-01, and 06P-NY-DBL.
© 2020 Sun Life Assurance Company of Canada, Wellesley Hills, MA 02481. All rights reserved. Sun Life Financial and the globe symbol are registered trademarks of Sun Life Assurance Company of Canada. Visit us at www.sunlife.com/us.
SLPC 26893 12/15 (exp. 5/22)