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An Affordable Supplemental Group Life Insurance Plan For Members and Families of SOUTHWEST AIRLINES PILOTS' ASSOCIATION |
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Important Insurance Protection at Affordable Group Rates! This supplemental group life insurance plan allows you to choose the amounts of insurance that best suit your family needs. Both you and your spouse can apply for life insurance and one of you can apply for life insurance for your dependent children. Your spouse may apply even if you do not.
· Smoke alarms · Tamper-proof medicine bottles · Bolts and locks · Burglar alarms/security systems If you do, you're helping to protect your family’s safety. But, what are you doing to protect their ongoing quality of life? Could your family continue to live in their accustomed lifestyle if something happened to you or your spouse? Would they have sufficient income to pay for:
If your answer is "no" or you aren't sure, we have a solution for you. It's the Association Group Term Life Insurance Plan, underwritten by ReliaStar Life Insurance Company (a member of the ING family of companies). Since this plan is available through the Aviation Association Insurance Trust, to members of SWAPA and their families, you get it at affordable group rates. But unlike other group coverage which ends when your employment ceases, you may continue this plan should you retire or change jobs. At age 70 you may convert your group coverage to an individual whole life policy. Voluntary term life helps you protect your family's quality of life. You select the coverage you and your spouse need to cover the essentials you want to provide for your family. The following questions and answers cover the main features of this group term life plan.
· Active member of the Southwest Airlines Pilots' Association and a pilot on the Southwest Crew Member Master Seniority list who is actively working full-time (not on sick leave or disability). · Your spouse, under age 70, and your dependent children are eligible if they are over age 14 days and under 21 years. · Your children who are full-time students and wholly dependent upon you for support are eligible up to age 25.
You may apply for insurance in increments of $5,000. However, the amount chosen may not exceed 10 times your annual salary or $1,500,000, whichever is less. Your coverage will be reduced by 50 percent at age 70. Your spouse has the same coverage options and may apply even if you do not. Your spouse's coverage will terminate when he/she attains age 70. Your dependent children may also be insured for $10,000. You or your spouse must be insured under this program in order for your dependent children to be eligible.
A living (or accelerated) benefit provides a terminally ill insured under age 70, the option of receiving up to 50% of their life insurance benefit while they're alive. An insured must have a life expectancy of 6 months or less.
By automatic bank draft through the administrator,
The monthly cost for you and your spouse varies by age. The monthly cost will increase as you or your spouse reach the next age bracket. The monthly premium rates are outlined below.
Coverage can be terminated if the person covered is no longer eligible, the premium is not paid, the insured reaches the limiting age, or the group plan terminates.
If coverage ends, there are two options: Option 1: You, your spouse, and your dependent children may, within 45 days, convert your insurance to an individual whole life policy without evidence of good health. Option 2: You and your spouse (under age 70) and your dependent children (under the limiting age) may continue your insurance without providing evidence of good health by continuing to pay your premium as billed. At age 70 (for your spouse) and at the limiting age (for your children), coverage may be converted to an individual whole life policy. These options are not available if coverage ends because of non-payment of premium or if the master group policy ends. Details will be provided in your certificate.
You designate your beneficiary. Your spouse also designates a beneficiary. You or your covered spouse can change beneficiaries by giving written notice to ReliaStar Life, unless you provide otherwise in your original designation. You will be the beneficiary of your children's insurance.
Please complete and return the application on the next page* and premium payment authorization. Be sure to sign the application. Have your spouse sign it if he or she is applying for coverage. All applications for insurance must be approved by ReliaStar Life. Be sure to return the application to the plan administrator:
Your insurance is effective on the first day of the month in which a deduction is made from your checking account for your premium, after approval by ReliaStar Life. Your dependent children's insurance is effective on the day insurance begins for you or your spouse, whichever comes first. NOTE: You must be actively at work on the day your insurance is to take effect. If you are not, your insurance will take effect on the day you resume work. Your spouse and dependent children must not be hospital-confined on the day their insurance is to take effect. If they are, their insurance will take effect on the day they return to normal activities.
Yes, suicide is excluded during the first two years of coverage. This is a brief description of coverage provided under policy form
LP08GP, and is subject to the terms, limitations and exclusions of the
policy. Please see policy and certificate for details.
ReliaStar Life Insurance Company is rated A+ ( ReliaStar Life is a wholly owned indirect subsidiary of ING Group, NV an Amsterdam-based global leader in integrated financial services, providing banking, insurance and asset management businesses in more than 50 countries worldwide. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.
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