Whole Life

Whole Life insurance is voluntary, which means you choose whether or not to purchase coverage, and buy only the amount of coverage that is right for your needs.

All regular full-time associates with at least ninety (90) days of company service as of January 1st are eligible to enroll in the Whole Life Insurance Plan during the annual Open Enrollment period only. The associate must be actively at work to be eligible to apply for coverage.

Associate coverage is guaranteed issue when first eligible. If coverage is declined during the initial Open Enrollment period when the associate is first eligible, medical evidence of insurability will be required for future enrollment opportunities. Coverage will then be subject to approval by Unum.

Available family coverage
On associates who are first newly eligible, some restrictions may apply for the spouse if he or she has been hospitalized within the previous 6 months of application.
  • Associate does not have to have coverage for dependents to be covered
  • Spouse age 15-65
  • Child coverage is available to your children, stepchildren, legally adopted children and grandchildren, from 14 days until their 25th birthday (for child term rider) or until their 26th birthday (for the child standalone policy)
  • Children’s coverage – In order for you to choose the most suitable insurance plan for your children, you may select from one of these two options:
    • Child Standalone Policy  (does not require Associate or Spouse coverage).  Policies are individual and benefit amounts are based on age at issue and premium selected.  Children can keep this policy, even if you leave the Company.
    • Child Term Rider (Associate or spouse is required to have Whole Life on themselves). As children reach age 25, they are guaranteed the right to purchase up to five times the amount of their rider coverage in life insurance, regardless of their health or occupation at the time they convert.
Cash value accumulation
The Whole Life not only provides a death benefit, it also is designed to build cash value that earns interest. The interest rate your policy is credited with will never be less than the guaranteed minimum rate of 4% (this is one of the primary differences between whole life and term life insurance). Under current law, taxes are deferred on these interest earnings. After sufficient cash value has accumulated, you may borrow from or cash out your policy. The policy’s cash value also may be used to provide you with an amount of paid up insurance. You can use the accumulated cash value to buy a smaller, “paid up” policy, on which no further premiums are due. Contact your Human Resources office to obtain Unum Change form or click here.

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