Benefit Reference Guide - The School District of Palm Beach County

Voluntary Universal Life Insurance Plan
Optional EZ Value Plan — This plan also offers the EZ Value
Plan Option, an inflation-fighting option which automatically
increases coverage annually on each of the first five or ten policy
anniversaries. For employees and their spouses under 65, the
amount of the Death Benefit Increase is equal to the amount of
protection an additional $1 per week deduction (or $2 per week
for employees only) would purchase on the first five anniversaries.
An increase of $1 per week on each of the first 10 anniversaries is
available to employees and spouses up to age 60. Existing EZ Value
participants may extend to the 10-year options (with restrictions) if
they choose to do so.
Death Benefit Restoration Rider — Automatically increases the
Death Benefit to restore the advanced death benefits for home
healthcare, adult day care or long-term care confinement in a
nursing home.
Example: An insured party has a $50,000 death benefit with the
Home Health and Long-Term Care rider and dies after 10 months of
long-term care confinement.
With Rider Without Rider
Total Benefits Paid $70,000 $50,000
Death Benefit $50,000 $30,000
Living LTC Benefits $20,000 $20,000
Long Term Care Rider Upgrade — For those with an older plan
who haven’t yet upgraded the LTC Rider, all current participants
may request to receive the enhanced LTC benefits at no additional
cost to you. The LTC enhancements include a 4% per month benefit
for Nursing Home Confinement, Home Health and Adult Day Care
Services (current rider provides a 2% per month benefit). It also
provides benefits for ADL assistance in an Assisted Living Facility.
All new applicants will receive the LTC rider enhancements.
How do I apply?
Have your Enrollment Counselor fill out the Universal Life
Insurance plan application.
Employees – Guaranteed Issue of amount purchased by $10 per
week in premium (ages 18 - 64) who have never applied for
coverage, plus you may apply for coverage amounts up to $200,000
(not to exceed $14 per week in premiums). Spouses may apply for
up to $4 per week in premium, and children ages 0 days to 23 years
may apply for up to $4.32 per week certificate. In most cases, only
two medical questions will be asked.
Current Participants – Employees may apply for $5/week up to a
total of new and existing coverage of $200,000; spouses may apply
for an additional $2/week of coverage. Both employees and spouses
may add the EZ Value Plan Option to their coverage. In most cases
only two medical questions will be asked.
Any employee or spouse applying for amounts of insurance over
these limits and up to the plan maximum of $300,000, or previous
participants whose Trustmark coverage has terminated, must answer
a few additional questions concerning health history.
Can I continue my Universal Life
coverage if I terminate employment or
retire?
Yes. This plan is portable after the first payroll deduction. You can
continue with the full amount of insurance coverage and arrange for
premiums to be billed directly to you. Your coverage and rates stay
the same.
Waiver of Premium (optional)
Premiums for base coverage and added riders and benefits may be
waived if the primary insured is totally disabled as defined in the
rider prior to the policy anniversary date nearest his or her 60th
birthday.
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