Trusted Union’s Company Life and Disability insurance solutions delivers financial security for the employees beneficiaries in the event that they die unexpectedly. The death benefit is paid to the beneficiary in a lump sum and can be either a set amount or calculated as a factor of the employees annual salary, subject to an overall established maximum benefit.
Coverage Term - Typically, cover ceases once the insured employee has reaches the term age designated in the Company Agreement up to age 65. The company can, however, elect for the term age to be extended to age 70.
Designation of Beneficiaries - The insured employee has three options for designating beneficiaries.
The spouse or legally declared civil partner if he or she survives the named insured
Legally declared children and adopted children
The estate of the insured
The designated beneficiaries may be chosen by the insured or by the company on behalf of the insured by completing and signing the Nomination of Beneficiaries form which shall be retained by the employer and made available to the insurer upon request.
Additional Insurance Covers
Certain riders are available to broaden the coverage of the policy and offer living benefits where applicable.
Terminal Illness
If the named insured is diagnosed with a terminal illness that is expected to result in the death of the insured within twelve months, the insurer shall pay an advance sum according to the table of benefits up to the limit of the death benefit in advance to the named insured provided that the illness is not considered pre-existing.
Accidental Death Benefit
The accidental death benefit provides for the insurer to pay a multiple of the death benefit (listed in the table of benefits) to the designated beneficiary should the insured’s death be the result of an accident.
Accidental Dismemberment
The accidental dismemberment benefit provides for the insurer to pay a portion of the death benefit (according to the Accidental Dismemberment Reference Table) in a lump sum payment to the insured employee in the event of a loss of limb or loss of limb function as a result of an accident.
Permanent Disability
The permanent disability benefit provides for the insurer to pay a lump sum payment to the insured employee in the event he or she becomes permanently disables and unable to perform their own or suited occupation. The disability can be the result of an accident or illness provided the permanent disability is definitive and irreversible and;
the insured employee has experienced a loss in income.
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