Why is AFT+ Senior Term Life Insurance important to have?
We live longer today than we ever have before. But the more time we spend in retirement, the less likely that we'll have enough left over for final expenses and outstanding bills once we're gone.
AFT+ helps to provide economical coverage for union members and their spouses wanting the peace of mind that they are helping to ensure that their families do not inherit their bills.
And unlike other programs there's no termination age. No medical exam. And your premium is waived if you are ever confined to a nursing home* or if you've been diagnosed with a terminal illness. Plus, a "living benefit" feature allows you to collect benefits when you might need them the most - during a terminal illness.
*Nursing Home Confinement means your confinement which: begins while you are covered under the Policy; is at the direction of a Physician; and has existed continuously for a period of at least 180 days.
How does the benefit work and pay?
The Senior Term Life Insurance plan pays your beneficiary anywhere from $5,000 to $25,000 of benefits - depending which amount you choose when applying - if you die from a covered illness or accident.
Your premium is based on your age when you purchase the policy. Rates increase when you enter a new age band. At age 75, if greater than $5,000, benefits will reduce by 50%, and will reduce again to $5,000 at age 80.
Is a medical exam necessary?
No medical exams will be required. Medical suitability is determined by a review of the answers to questions on the application.
What makes AFT+ different?
AFT+ is different because:
Serves active and retired union members age 55 and over and their families - exclusively - and is able to provide specially arranged rates typically reserved only for large groups.
Receives strict oversight by the Member Benefit Fund trustees of the AFL-CIO.
There's no medical exam required. Medical suitability is determined by a review of the answers to questions on the application.
Does not use gender distinctions as a way to set rates.
Spouse or domestic partner can apply for coverage - even if you do not.
Provides you a 60-day review period with a satisfaction guarantee if you decide that this coverage is not right for you.
Is there any time when someone wouldn't be covered?
If a person commits suicide - while sane or insane - during his or her first two years of coverage, the policy will only pay an amount equal to the premium paid for coverage to the date of death. The two year suicide exclusion will also apply if a Covered Person commits suicide during the two years immediately following an increase in coverage under the Policy. In that event, the Amount of Insurance payable will equal the Amount of Insurance in force prior to the increase plus an amount equal to the premium paid for the increase to the date of death.
Are there any age requirements?
Yes, only active and retired members age 55 to 74 and their spouses/domestic partners ages 55 to 74 are eligible. There's no termination age.
For what reasons could my insurance be terminated?
Your insurance would be terminated:
- if you stop paying your premium
- if the Master Policy is no longer in effect
- upon reaching the Premium Due Date on or next following the date you cease to be a member of the Policyholder
Insurance for your spouse or covered dependent would be terminated on the earliest to occur of:
- the date the Policy is cancelled; or
- the Premium Due Date on or next following the date he or she is legally separated or divorced from you; or
- the Premium Due Date the required premium is not made, subject to the Grace Period provision; or
- the date Your coverage terminates.
However, if dependent's coverage would terminate because of your death, coverage will continue until the Premium Due Date on or next following your death unless continued in accordance with the Surviving Spouse Continuation provision.
Are there restrictions on how my beneficiary can use the benefit money?
No, the money can be used at his/her discretion.
Does my spouse or domestic partner have to purchase the same benefit as me, the union member?
Spouses (or domestic partners) may choose a different level amount.
When does coverage become effective?
Coverage becomes effective on the first day of the month after your application is approved and the premium is paid.
If I (the insured member) die, can my spouse or domestic partner continue coverage?
Yes, spouses (or domestic partners) can continue coverage if they are insured with their own policy prior to the member's death.
Are there any exclusions to the policy coverage?
If a person commits suicide - while sane or insane - during his or her first two years of coverage, the policy will only pay an amount equal to the premium paid for coverage to the date of death.
Can I be singled out for a rate increase?
No, rates are based on the age band you are in at the time the policy is in effect. Rates change as you enter a new age bracket or rates may be changed on a class basis.
Can the coverage be paid by credit card or through an automatic checking account deduction?
Yes, members who apply will have various payment options when they receive their policy.
Underwritten by: Hartford Life and Accident Insurance Company, Simsbury, CT 06089
Form SRP-1153 A (HLA) (1661)