How will benefits be paid?
If you die while covered by the plan, your beneficiary may choose to take the benefit in a lump sum, in a series of payments over a predetermined period (annuity) or withdrawn as needed from an interest bearing account. The size of these payments would vary, depending on how many payments are made, the lump-sum value of the benefits, and prevailing interest rates.
What if I become disabled?
If an employee becomes totally disabled while insured and before reaching age 60, life insurance coverage will remain in effect without further premium payment as long as the disability continues or until age 65, whichever is sooner. Proof of your inability to work because of total disability must be furnished annually. If disabled prior to age 60, life insurance coverage will continue as long as you are disabled, but not past age 65. Application for the waiver of premium should be made within the 90-day waiting period prior to the commencement of long-term disability benefits, but no later than six months after you become disabled.
What is the conversion privilege?
You may arrange to continue your life insurance protection under an individual policy, without medical examination, if you apply for it within 31 days after the date your group insurance ceases. Because the Group Life Insurance will be payable for death occurring during the 31 days after the date your insurance ceases, the individual policy will not become effective until after the 31-day period has expired. In addition, the individual life insurance benefits may not be the same as the University Group Supplemental Life Insurance plan.
For further information, contact your regional human resources office or application can be made directly to the company:
LifeWise Assurance Company
P.O. Box 2272
Seattle WA 98111-2272