Phoenix Launches First Standalone Dual Coverage Universal Life Policy That Pays Benefit on the First Death

Joint Advantage UL Offers Cost Savings Over Two Standard Policies But Doesn’t Sacrifice Cash Accumulation

HARTFORD, Conn.--(BUSINESS WIRE)--The Phoenix Companies, Inc. (NYSE: PNX) today introduced Phoenix Joint Advantage Universal Life (UL), a first-to-die universal life insurance product for two lives that features flexible premiums and cash accumulation, giving customers vital insurance protection and the opportunity to grow their cash values.

Phoenix Joint Advantage UL, the first of its kind, is designed to appeal to couples or small business partners who are concerned about cash flow or liquidity on the first death. For businesses, its primary use is protecting each partner’s interest for buyout purposes.

This policy covers two lives under one policy and one premium payment. It pays a death benefit on the first death, and, if clients add the Survivor Purchase Option Rider to their policy, the surviving spouse or business partner will be able to buy a new Phoenix policy at that time with no need for medical evidence of insurability. With a Phoenix Joint Advantage UL policy, customers can meet their need for dual income replacement and stable accumulation at a cost they can afford.

"Phoenix Joint Advantage UL is an important addition to our product portfolio because, for many clients, it's a significantly cost-effective alternative to the expense of two standard UL policies," said Tom Buckingham, senior vice president, Product Development, Life and Annuity. "At a time when conserving your working capital is especially important, a life insurance solution that actually saves money is truly a valuable asset.”

"We heard from advisors that in today’s volatile markets, their clients want insurance products that offer an economical approach coupled with flexibility and an opportunity for steady cash accumulation. Phoenix Joint Advantage UL delivers on both counts," Buckingham said.

Phoenix Joint Advantage UL is highly cost effective compared to two individual UL policies. For example, a male and a female, both age 45 with face amounts of $1 million and a preferred plus risk class, would pay an annual premium cost of $12,103 for two individual UL policies. The annual premium cost for one Phoenix Joint Advantage UL Policy with Survivor Purchase Option Rider is $10,193, creating annual savings of 16 percent over two individual policies*.

Phoenix Joint Advantage UL is also very flexible, with features that include flexible premiums that allow clients to decide when and how much they want to pay. Depending on their needs, couples or business partners can elect to have different amounts of coverage on the two people being ensured. Clients can also choose either a fixed death benefit equal to the policy’s face amount or an increasing death benefit that equals the policy’s face amount added to its cash value.

Clients who prefer additional insurance protections can add the following optional riders to their policies at no additional cost: Policy Exchange Option Rider, which allows clients to exchange their Phoenix Joint Advantage UL policy for two single life policies without evidence of insurability; and, Overloan Protection Rider, which helps to prevent policy lapse (a taxable event) if loan debt should exceed cash value due to a heavily-loaned policy. Other riders available for purchase at issue include: Level Term Rider, Increasing Term Protection Rider, Survivor Purchase Option Rider, Alternative Surrender Value Rider, and Waiver of Surrender Charge Rider.

In addition to flexible premiums and insurance protections, Phoenix Joint Advantage UL lets clients who need to access their cash values take a withdrawal or a policy loan, without current income tax up to the cost basis of the initial premium.

To learn more about Phoenix Joint Advantage UL and other life insurance products available from Phoenix, agents and financial advisors can contact their Phoenix wholesaler, the Life and Annuity Sales Desk at 800-417-4769, or visit www.phoenixwm.com.

ABOUT PHOENIX

With a history dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX) provides financial solutions using life insurance and annuities, with particular expertise in the high-net-worth and affluent market. In 2008, Phoenix had annual revenues of $2.0 billion and total assets of $25.8 billion.

Phoenix is a leader in the life insurance industry, with a distinguished record of industry firsts in product design and underwriting. The company's underwriting capabilities can accommodate a range of customers and risk situations and address clients' estate, business and retirement planning strategies. Phoenix also offers a complete suite of annuity products with a full spectrum of optional guarantees, and with expert technical analysis of complex annuity contracts to help customers own the right products to fit their unique needs.

*This is a hypothetical example and is used only to describe how this strategy may work. Which strategy works best for clients will depend on their individual facts and circumstances. Actual results will vary. Any representation of life insurance premium or death benefit is purely hypothetical in amount and is not a guarantee of cost or death benefit now or in the future from a specific life insurance policy. Clients will receive a personalized illustration that reflects all applicable fees and charges, including the cost of insurance.

Auto Insurance Companies and Repair Shops

The article “Shops debate the place of insurers in the repair process” by Brian Albright on SearchAutoParts.com talks about how car designs have become more complex and expensive which is causing more and more auto insurance companies to get involved in the auto repair process.

Issues sometimes arise between repairers and insurers as the insurance companies pressure shops to cut costs. The repair shops see this as meddling as they deal with their own financial pressures. Most repair shops prefer that the insurance company give a check and stay out of the repair process, but customers find a lot value in the insurance companies taking over. In addition, insurance companies want to keep the repair shop's prices down as much as possible to save themselves money.

Not all insurance companies are getting in the way of the repair shop's agenda. State Farm auto insurance is generally seen as cooperative according to the article. Recently, they have participated in programs striving for efficiencies in the repair business. While some repair shops see this as intrusive, others see it as a positive force. Gene Regan, general manager at Causeway Collision Center in Manahawkin, NJ believes it is a productive initiative for State Farm to get involved. He sees the program bringing the repair shops and insurance companies together to learn from each other and develop better business practices. This will ultimately benefit the mutual customers who both parties look to please.

Massachusetts Auto Insurance Rates Are Down

According to the article “Car insurance rates fall 8%, state says” by Todd Wallack in the Boston Globe, Massachusetts auto insurance rates are down since Massachusetts stopped setting their own rates in 2008. This information is from a study completed by the Division of Insurance.

The state study shows that auto insurance rates are down 8.2% from April 2008 to April 2009. The rates fell 5.2% from 2006 to 2007. In April of 2008 Massachusetts began allowing auto insurers to set their own rates which was to create controlled competition. Before this change, rates in Massachusetts were highly regulated.

Jason Lefferts is a spokesperson for the insurance division, and he said the study also found that during the last year the number of uninsured cars in Massachusetts dropped and that less people were considered high-risk drivers. Since the change in regulation, nine companies have become part of the Massachusetts auto insurance market.

Spending habits during a recession

There is a study recently published by M&C Saatchi, a global advertising agency with headquarters in London. It puts consumers into categories based on their behavior and reaction to the recession.

I'll get to those categories in a minute, but I think it's important to first note that the premise of this study is that while we are all effected by the recession differently depending on where we live and the local economy there, we generally are reacting to the macro economy - as it's reported by mass media.

We are bombarded daily by dismal reports of national or even global economic downturns. We cannot help but let this color our thinking. Yet, things might actually not be so bad in the immediate area around us.

So, the study and the categories are generated by how we are reacting to macroeconomics.

‘Reacting to Recession' is the name of the study. It identifies and categorizes attitudes and behavior adopted by different groups of consumers. The study finds eight consumer types with distinct approaches to spending in this recession.

Each identified group has adopted an overall specific behavior to cope financially with the downturn.

Crash Dieters

Scrimpers

Abstainers

Balancers

Treaters

Justifiers

Ostriches

Vultures


A caveat before the descriptions: they're not based on socioeconomic status, meaning that you can be in the Crash Dieter...and a millionaire.

Crash Dieters are the largest segment, grabbing 26% of adults participating in the study. The group was so named because it aims to "shed pounds" from their weekly budget by identifying and cutting out all non-essential spending until things improve. Crash Dieters are a heavily cash orientated group. Debt clearly frightens them (or is unavailable to them). They live from week to week and when the money runs out they're forced to take quite drastic action.

Scrimpers made up 13% of the study population. Cutting spending is still a main reaction, but they want to maintain their lifestyle and are reluctant to make sacrifices. "Trade down" is more their philosophy than "cut out." Cheaper stores and private labels have become more important to them.

Abstainers, like their Scrimper brethren, don't plan to make any huge cuts in spending habits. About 15% of the population are Abstainers. "The big purchases can wait until the economy improves," is what they'll tell you.

Balancers is one of the smallest groups. Nearly one in 10 people in the study fit into this category, which doesn't want to compromise or make any changes to their pre-recession lifestyle. However, a monetary crisis for them, say a job loss, triggers abrupt behavior. There's no "trading down" - It's gone.

Just over 12% of the study population are Treaters. You could describe them as Crash Dieters who occasionally binge. Every once in a while, the frugality they have adopted to deal with the recession gets rewarded by the purchase of something they promised themselves they wouldn't get.

Another 12% are Justifiers. They'll spend, but they need to have a reason - and it's not price-sensitive. If it's a newer version of something they already have, they want it and convince themselves it's a wise expenditure.

Everybody knows what an Ostrich does when it confronts danger - supposedly - and this is the way 9% of the study population is reacting to the recession. They're simply ignoring it - either because they have sufficient means to do so or because they have been brought up to believe that large balances on credit cards is the accepted norm.

At 4%, the smallest category was given the name Vultures. They're thriving on the carnage caused by the recession. Prices on many things have plummeted. They're swooping in and purchasing all they can.

The study is ostensibly for the purpose of how to market to these groups during the recession; and these distinctive categories of behavior strongly show that there may be only one recession globally...but we certainly are not all reacting to it in the same way.

Obviously, the propensity to purchase life insurance products at this time by these categories presents the same types of obstacles and challenges as any other industry.

Do you recognize yourself in any of them?

Health Insurance Reform - What Do Doctors Think

Lindsey Tanner wrote an article entitled “Doctors signal they’ll work with Obama” published in the Associated Press discussing Obama's meeting with the American Medical Association (AMA).

The AMA is a group of doctors representing the nation. Traditionally, the AMA is conservative and have fought previous administrations' health care reform attempts. There was speculation that they were going to create an obstacle for Obama and his health insurance plan. But after Obama spoke to the doctors at their annual meeting in Chicago, the AMA signaled that they won't close the door on his health insurance proposal. Specifically, they are not against the part where public health insurance will compete with private insurers.

Obama's trip to Chicago for this meeting shows how much the President values the AMA's support. They would have liked a stronger endorsement, but this is a small battle in the large fight ahead for the Obama administration.

Persons requiring insurance is purchased by insurance companies

13/12/2007
Question 2. Persons requiring insurance is insurance purchased by insurance companies not operating in Vietnam or not? DNBH must be qualified to perform what commitments with customers?

Answer:
- Organizations and individuals with insurance needs are involved in insurance business insurance activities in Vietnam.

- Business insurance must ensure the requirements of finance to implement their commitments for the purchase of insurance. (Article 6 Law BH KD) Guidelines insurance participation is in Decree 45CP 27 months 3, 2007 guiding the implementation of the Law KD insurance (Article 3 of Decree 45 CP) as follows

"1. Organizations and individuals want to business insurance, business insurance, active insurance brokers in Vietnam is the Ministry of Finance license the establishment and operation as stipulated by Law Business insurance .

2. Organizations and individuals with insurance needs with a choice of insurance companies and are only involved in insurance business insurance are allowed to work in Vietnam. No organization or individual is allowed to interfere with illegal choice to business insurance, business insurance brokers buyer's premium "

This is to protect the interests of customers to buy insurance because the insurance companies operating in Vietnam is state management closely, being governed by the laws of Vietnam. If disputes occur, the buyer of insurance may give Vietnam court hearing.

Conditions and procedures for transfer of coverage between 02 .

57 questions. Conditions and procedures for transfer of coverage between 02 DNBH specified how to ensure the benefits of buying insurance?

Answer:

The transfer from HDBH DNBH to other DNBH must comply with the conditions and procedures to allow KDBH Law. Article 75 Law KDBH stipulated conditions of the transfer HDBH as follows:

"The transfer of insurance contracts are made on the following conditions:

1. Business insurance franchisee business insurance business to be transferred;

2. The rights and obligations under insurance contracts to be transferred does not change until the expiry of the insurance;

3. The transfer of the insurance must be accompanied by the transfer of funds and for services related to all insurance contracts are transferred. "

Article 76 Law KDBH rules of procedure transfer HDBH as follows:

"The transfer of the insurance is done by following procedures:

1. Insurance business transfer contract of insurance must have the proposal to transfer the insurance to send the Ministry of Finance reason, plan transfer, accompanied by the transfer. The transfer of the insurance only be conducted after the Ministry of Finance approved in writing;

2. Within 30 days after the Ministry of Finance approved the transfer of insurance business transfer contract of insurance must be published on the transfer and notify the buyer of insurance in writing. "

Defining the contents and conditions of transfer of such insurance is to guarantee rights and benefit customers buy insurance even in the worst situation occurs.

Online Car Insurance Tips

The Internet offers many advantages to people when it comes to shopping. One of those areas is buying online car insurance. Let's look at a few tips that we can offer you as well as the benefits of getting your car insurance online.

1. The first thing we talk about is convenience. You can quickly do comparison shopping among several insurance providers to determine where you want to purchase your car insurance. The nice thing is you can do this from the convenience of your own home.

In the past you had to scour the yellow pages, pick up the phone, and start making calls talking agents. Many people did not enjoy this because, if you've ever spent any time on the phone with an insurance agent it's difficult to get off the phone without purchasing from them.

2. Comparison-shopping allows you to determine what online car insurance is best for your situation. Many car insurance providers offer online calculators that allow you to punch in variables in regards to things such as number of drivers, the ages of the drivers, where you live, how many miles you drive to work, and so on.

You can then determine the various deductibles that they offer and come up with what your monthly premium would be. You also know right up front how much money your first payment would have to be and whether there are discounts for paying six months or 12 months in advance.

3. The savings that you can make by dealing directly with the company can be attained by by-passing the middleman, which is the insurance agent themselves. This is not for everybody, however, as some people prefer to have counseling provided to them by an insurance agent. You will have to determine whether you need help or whether purchasing online car insurance is something you can do yourself.

Why Buy Cheap Car Insurance

The key to finding cheap car insurance is to do some comparison shopping and know all of the specifics about your particular situation. Many people are over insured and could get cheap car insurance to provide adequate coverage for them and yet they do not even realize it.

If you have a teenager finding cheap car insurance may be out of the question. You can help yourself by making sure they drive a car that is less expensive to insure. For example, any type of a sports car will jack your rates up because you are allowing a teenager the opportunity to drive recklessly and fast according to an insurance company.

Knowing what the basic requirements are in your state is key to coming up with insurance that is more affordable. If your car is owned outright you may not want to put full coverage on it but just cover it with liability insurance.

Certainly you have to consider the value of the car and what it would cost replace it. And as that goes down the type of insurance should be adjusted accordingly.

You can really help yourself by going to a website that specializes in cheap car insurance. Even if you are bypassing an agent websites that specialize in this type of insurance can offer suggestions to you when you are filling out your online form.

This could include asking such things as when your last ticket was, how long since your last wreck, when was your last claim,, are you a homeowner, and so on. These things can all factor into the price of your cheap car insurance.

Online Car Insurance Tips

The Internet offers many advantages to people when it comes to shopping. One of those areas is buying online car insurance. Let's look at a few tips that we can offer you as well as the benefits of getting your car insurance online.

1. The first thing we talk about is convenience. You can quickly do comparison shopping among several insurance providers to determine where you want to purchase your car insurance. The nice thing is you can do this from the convenience of your own home.

In the past you had to scour the yellow pages, pick up the phone, and start making calls talking agents. Many people did not enjoy this because, if you've ever spent any time on the phone with an insurance agent it's difficult to get off the phone without purchasing from them.

2. Comparison-shopping allows you to determine what online car insurance is best for your situation. Many car insurance providers offer online calculators that allow you to punch in variables in regards to things such as number of drivers, the ages of the drivers, where you live, how many miles you drive to work, and so on.

You can then determine the various deductibles that they offer and come up with what your monthly premium would be. You also know right up front how much money your first payment would have to be and whether there are discounts for paying six months or 12 months in advance.

3. The savings that you can make by dealing directly with the company can be attained by by-passing the middleman, which is the insurance agent themselves. This is not for everybody, however, as some people prefer to have counseling provided to them by an insurance agent. You will have to determine whether you need help or whether purchasing online car insurance is something you can do yourself.

When To Shop Your Auto Insurance

Auto insurance companies can be quite amazing. I say that because they will do almost anything to get your business initially. Many times this includes offering you a rate that is competitive or lower than your currently paying.

So it really isn't the initial policy that you have to worry about.

But what happens when your premium comes up for renewal. Have you noticed increases that are unexplained. If you have not had any tickets, or major changes in your life such as adding a teenage driver or moving to a metropolitan area, then you really need to shop your insurance on an annual basis.

Auto insurance is just protection against what could happen in the future. The sad thing about it is that whenever you have a claim you can almost always expect a rate increase.

So what happens is people tend to not file a claim unless they absolutely must. This leads to them paying their insurance rates and hoping that they're getting the best rate.

With the Internet there's really no excuse for that, as you can compare your current policy against virtually every auto insurance company online. At the very least you should do this at least once a year before your policy updates.

If you don't like the service you're getting that is another reason that you may want to do some shopping. You are a valued customer and should be treated as such.

This is a couple tips on when to shop your auto insurance. The key is that you know what your coverage is now, what you are paying for it, and then take the time to compare that to see what it could be.

Why Buy Life Insurance

Life insurance is a type of insurance that pays a benefit upon the death of an insured person. Because everyone will eventually die it is important that you get life insurance coverage as soon as possible.

We never know when our time is up here on earth and having that peace of mind that there needs will be provided for is important to most people.

Here are 4 reasons you should carry life insurance.

1. Purchase it at a young age when your health is still good and you will be able to lock in an affordable rate. As your age increases you begin to experience health problems then you can expect to pay a higher rate.

2. Life insurance provides means for family members especially spouses. You want to make sure that you cover your basic obligations such as funeral costs, mortgage balance and any unpaid bills. Beyond that it may be worth it to provide adequate income for future years for your spouse to live off of.

3. Some life insurance policies offer an investment option. Depending on the cost, this may be the route to go as it will allow your premiums to develop future income for your family.

4. As you get older, your life insurance needs decrease. Many times your personal investments have grown, your mortgage is paid off, and your overall debt is at an all-time low. The amount of life insurance you need now is not as important as it was when you were younger.

This is four tips to keep in mind when you buy life insurance.

6 It should know when buying Life Insurance first

1. Understand why Cần Buy Insurance
Most of all we need life insurance at a time in life, but never purchased insurance because hearing other people say it is a good idea. Life insurance is designed to give families a full financial security in case the wife or husband having to uncertainties, or when your parents have to uncertainties. Life insurance can help pay the house, money for college, help supplement retirement funds, to a property here at the same time is another important factor in plan assets. In short, if you have a relative to your income, you should think of life insurance. Even if you think you have no need now, you still should think of buying with a small amount as a starting point. Because, as the child life insurance as cheap.

2. Amount determined Insurance required
The amount that families or inherit will receive after your death is called the amount of insurance. To determine the amount of insurance need, you can use a computer on the network or New York Life www.insure.com network. After using the computer, you will get one guess yourself. Easiest method to obtain the amount of annual salary to 8. Method in more detail as all the monthly charges which family you must pay after you meet uncertainties. Remember always to be public costs and consequences of spending it on home, and fees. Retrieved total monthly charges for that 0:07. This figure indicates that 7% of the total money will be used to pay for monthly charges. Get that amount plus the costs need to pay once, you will estimate the amount of life insurance need. Yes you can measure the amount of life insurance need when using the computer, but the machines that you can not. It can not give you an answer last. Computer only for you the whole "on theory" but are based on the facts are different, the computer will give the different results. Should only use the computer to learn more about how to calculate the amount of life insurance products and other financial, however, you will feel more secure when you talk to a professional as representative by New York Life.

3. Please Choose a Type of Agreement Matches
Once the amount has been estimated for life insurance, should think of the kind which suit your needs. Today, life insurance becomes more diverse and plentiful, but they also have the 4 basic types of life that is periodic, life for life, full of life, and life have changed. One of 4 basic types will match the buy life insurance first.

Life Insurance Dinh Ky
Insurance period will only provide protection in a given period of time. The amount of insurance can be used to liquidate the debt and when you encounter the uncertainties. Life insurance regular insurance is less expensive and enjoy the pure amount of insurance. This agreement will not accumulate cash, and often do not receive a share.

Insurance period may be an ideal choice when you get the time needed insurance. This agreement can only protection needs only exist in a certain time, such as university funds or loan money home loan. Those aged 20 to 30 usually buy insurance period and conversion through life insurance (Insurance Through reading For the bottom). Conversion rights for the period to ensure that they can convert any of the health status is.

New York Life has many types of insurance such as 5-year period, 10 years and 20 years.

Life Insurance For Suốt
Opposed to regular insurance, life insurance will protect you throughout life from start to purchase insurance to go, and of course the conditions have to pay regularly. The difference is the second life insurance life accrue cash value. Form of a loan from the contract, you can use the cash value to the objectives for the various funds and cash funds for additional retirement income. However, you must pay on borrowed money and borrowed money with the convenience will be deducted from the amount insured. Contract for life insurance guaranteed throughout the life of you, regardless of health status as when alive and of course must be closed to regular fees.

Contract for life insurance qualify to receive money pass. Pass money is money that a company drawn from surplus funds and are for the owner. (Money's share can be used under many different methods such as cash received, or used to pay the premium monthly, or accrued to a receipt, or used to purchase additional life insurance prepaid full insurance coverage. Tiền pass does not guarantee.) Life insurance for life offer a lasting solution to the financial worries such as:
* Pay the debt: the amount of insurance can be used to pay debt and cut the debt in case you are having uncertainties
* Conservation of assets: life insurance life can bring money to pay the cost of housing and help from having to sell assets or borrow money to pay expenses
* Pension Fund: cash value can be drawn through the method of loan terms, or to supplement retirement income. Loan amount will be deducted from the amount of insurance
* Money Charity: the life insurance for life can help you contribute to charitable funds that popular after death
* Business needs: life insurance for life can be a valuable benefit for managers and staff to ensure the future financial enterprises
New York Life provides the life insurance life diverse as Life Insurance Conversion (Modified Premium Whole Life), and Life Insurance For Life (Survivorship Whole Life).

Life insurance whole Năng
Life insurance to provide full protection for life and accumulated cash value basis should postpone the tax. Life insurance with all the other life insurance points in life that you can choose the amount of insurance is suitable for families. With life insurance to all, you can increase or decrease the amount of insurance you need to change and can check the times of payment of fees. The contract can be designed with additional terms to suit the lifestyle of each person.

Life Insurance Most variable
Life insurance has variable flexibility in the amount of closing costs, the life insurance life allows the owner to divide the premium into a variety of different investments, including fixed account. Life insurance usually has variable provide insurance money on the basic income tax exemption, the cash value increases on the basis refunds, and can be withdrawn through the method of borrowing or withdrawing money, the This may reduce the amount of insurance. Loan amount and you'll be deducted from the amount insured. The amount drawn will also reduce the amount of insurance, cash value and may have to pay.

4. Evaluation capacity of the Company
Insurance contract is only good when a company has good support. You should look away from the company's release of the still existing in the future to serve and make the promise to pay insurance when needed. To help see the company is strong, the organization evaluates Financial capacity has ratings of insurance companies based on the quality of the gym, the quality of the investment method, and financial cover. The ranking is considered as the independent evaluation of the ability to pay insurance compensation in time and financial obligations other. This is the core of a company life insurance. 4 organization capacity evaluation leading Financial: AM Best, Standard and Poors, Moody's and Fitch.

Each organization evaluated based on criteria quite different. When looking at the ranking of a company will help you look on the general financial strength of that company. 4 Organization has ranked New York Life to the highest ranking.

5. Reference to Representative
Representative to bring an invaluable service. First, representative to help you analyze the factors that "people" and into items of insurance to help determine the amount of insurance need. The relationship between representative and client relationship is eternal. 2, the representative can help you update the amount the insurance needs change. They can also help guide decisions about finances, reduce a burden in life. Click here to have discussions with representatives New York Life.

6. Understand words expert
The discussions on insurance will include words such as cash value, insurance coverage, divided by money, insurance money, and more. To discuss a master, here's a short summary part of the terms used.
* Cash Value: in life insurance for life, it means that the amount accumulated on the
* A Division of Money: A surplus of the company divided by the owner of the
* Support the Company: An insurance company has no stock or shareholders, as it is the owner. New York Life is a mutual company
* Insurance coverage in the insurance, the amount is limited to keep the contract value
If you have any questions about this article or product by New York Life? Please call toll free 1-877-NYL-VIET (1-877-695-8438) for a discussion with representatives New York Life.

The offering documents (policies, contracts) for all New York Life and its subsidiaries products are available only in English. In the event of a dispute, the provision in the policies and contracts will prevail.
Documents (rules, contracts) and products by New York Life and branches of New York Life provided only in English. In case of dispute, the terms in the rules and used the official.

Life Insurance

NOTE: As of January 1, 2009 The Hartford has assumed the contract for LANS Life Insurance programs. Any claim date after Jan 1, 2009 will be handled by The Hartford. If the claim date is prior to Jan 1, 2009 then Prudential will process the claim.

About Your LANS-paid Life Insurance Benefits

Life insurance offers your dependents financial protection in the event of your death. LANS automatically provides basic life insurance coverage for all eligible employees. If you are eligible, you may buy additional coverage for both yourself and your family.

LANS plans are group term life plans, which mean they stay in effect for a certain term. In this case, the term is as long as you remain an eligible employee. Term life policies do not accumulate a cash value over time.

There are two LANS-paid life insurance plans, Basic Life and Core Life, which provide a minimum amount of coverage. The amount of coverage varies, and you are automatically covered by the plan for which you qualify. The Basic Life plan provides life insurance equal to your annual base salary, up to $50,000. The Core Life plan provides $5,000 of life insurance.

Enrollment

If you are eligible for Full benefits, you are automatically enrolled in Basic Life insurance. If you are eligible for Mid-Level or Core benefits, you are automatically enrolled in Core Life insurance. You do not need to complete an enrollment form.

If you are enrolling in life insurance because of a family status change (e.g., marriage or birth of a child), the beginning of the period of initial eligibility (PIE) will be the date of the qualifying event (e.g., date of marriage or date of the child's birth).

If you enroll after your PIE, you must submit a statement of health to the insurance company. A statement of health is an application that informs the insurance company about your medical history. The insurance company may or may not accept your request for coverage based on the statement of health. (Note: LANS's life insurance plans carry no restrictions for preexisting conditions.)

You may not enroll family members in this plan, nor is it available to retirees.

Beneficiaries

All LANS employees must designate at least one beneficiary for their insurance elections. If no beneficiary is named, benefits will be paid to the first survivor in this list (in order):

1. Employee's legal spouse
2. Employee's children - in equal shares
3. Employee's parents - in equal shares, or
4. Employee's brothers and sisters - in equal shares

If none of these people survives the employee, benefits will be paid to the employee's estate.

For more information on beneficiaries, or how to designate them, go to our

Work Status Changes

Increase in salary

If your salary increases during the calendar year, life insurance coverage will not automatically increase to reflect a higher salary until the following January 1.

For example, as a Lab graduate research assistant (GRA), your salary on January 1 is $35,000. In March, you accept a full-time LANS Regular position and your salary increases to $65,000. Your coverage amount will not change until the following January 1. However, if you have a break in service between your GRA position and the LANS regular position, you are considered a new hire. If your new salary is $65,000, then your coverage amount would be based on the $65,000.

Full time to part time

If you change from full time to part time, your life insurance coverage is based on the full-time salary rate for your position as of January 1 of the current year, even if you work part time. Coverage will not automatically be reduced if your full-time salary rate is reduced.

Retirement

If you retire, you may not continue coverage into retirement, but you may be able to convert your group insurance coverage to an individual policy. Your Benefits Representative will provide you with all the information during your retirement election meeting.

This is only an overview of the Life insurance plan.

Questions? Contact the Lab's Benefits Office at 505-667-1806.