This Voluntary Permanent Life Program will allow you to purchase permanent life insurance for you and your eligible dependents.
VPL-plus is an individual permanent life insurance product specifically designed for employees and their families. It provides a guaranteed level of premium and deth benefit for the life of the policy, and you can keep the life insurance even after you retire.
As an employee, you are eligible to apply if you have satisfied your employer's eligibility period. You may also apply for coverages on your spouse, children and grandchildren.
Why Voluntary Life Coverage
Most employees are dependent on group term
Only 50% of U.S. Households have individually owned life insurance
72% of life insurance policies are paid to beneficiaries of individually owned plans
Most term policies expire before paying a death benefit
When do you want a life insurance policy to be inforce?
- Answer: When you die
Term is for IF you die; permanent is for WHEN you die
Everybody dies
The New Product: Texas Life's VPL-plus
Portable, permanent life insurance through the convenience of payroll deduction
Whole Life chassis
Strong guarantees
Popular features
Coverage available for spouse, children and grandchildren
VPL-plus: Portable and Permanent
Employees can keep policy, at same premium, if he/she retires or changes jobs
Employee may apply for spouse, children and grandchildren at the worksite
Pemanent coverage: policy guaranteed to remain in force as long as necessary premiums are paid
VPL-plus:The Guarantees Employees Want
Guaranteed level premium
Guaranteed level death benefit
Guaranteed reduced paid-up insurance at retirement
Guaranteed paid-up for face amount at age 70 (or after 20 years for insureds between ages 51 and 70)
VPL-plus: CGI (express issue) Underwriting
Employee, spouse coverage requires 3 health and employment related questions:
During the last six months, has the proposed insured been actively at work on a full-time basis, performing usual duties?
During the last six months, has the proposed insured been absent from work due to illness or medical treatment for a period of more than five consecutive working days
During the last six months, has the proposed insured been disabled or received test, treatments, or care of any kind in a hospital or nursing home or received chemotherapy, hormonal therapy for cancer, radiation therapy, dialysis treatment or treatment for alcohol or drug abuse
Child Coverage (ages 6 months - 18 years old):
During the last six months, has the proposed insured been disabled or received test, treatment, or care of any kind in a hospital or nursing home or received chemotherapy, hormonal therapy for cancer, radiation therapy, dialysis treatment or treatment for alcohol or drug abuse
Use if proposed insured wants amounts over Express Issue maximums
Coverage is dependent on answers to health-related and other questions contained in the application
Answer all underwriting questions
Blood required for amounts in excess of $100,000
Rates are unisex
Rates are unismoke
Accelerated Death Rider
Included on all policies (Employee, Spouse, Children, Grandchildren)
Pays 92% of death benefit, less $150 processing fee, upon physician-certified diagnosis of condition expected to result in death within 12 months (conditions and limitations apply)
Percentage lower in New York and Massachusetts
No extra charge for rider
Policy terminates when rider is exercised
Waiver of Premium
Available for issue ages 17-55
Benefit payable to insured through age 60
Cost included in premium
VPL-plus: Review
Permanent and portable
Non-participating Whole Life chassis (no dividends)
Guaranteed level death benefit
Guaranteed level premium
Guaranteed reduced paid-up insurance at retirement
Premiums cease at age70 (or after 20 years, ages 51 to 70)
Accelerated Death Benefit Rider included on all policies
Waiver of Premium available issue ages 17-55
Express Issue underwriting
Unisex rates
Unismoke rates
Blood required for amounts over $100,000
Simplified issue for health reasons or for amounts over Express Issue maximums
This information has been prepared to give you the highlights of coverage now being offered through your employer to meet your inurance needs. The details will be provided during your individual meeting with a qualified Texas Life Enrollment Representative. Those employees who wish to participate will be provided a personal policy that spells out all policy provisions.
If you have any questions regarding your Texas Life policy, please call (800) 283-9233, press prompt #3
