CPA Spouse Life Insurance
Related Benefits
Term Life Insurance Plus Related Benefits
Spouse Life Insurance is underwritten by The Prudential Insurance Company of America and provides the same basic life insurance coverage for your eligible spouse that you enjoy. As with your own coverage, your spouse's life is covered for life insurance plus an option to add an equal amount of accidental death dismemberment (AD&D) insurance.
Accelerated Benefit Option
Another no-cost feature of the Plan, this Option allows you to receive a portion of your Spouse Life Insurance benefit, generally income tax-free, in a lump sum, should your spouse become terminally ill. The death benefit will be reduced by the amount you receive. You may elect to receive a portion not to exceed 75% of the spouse life insurance amount or $1,000,000 - whichever is less.
The Accelerated Benefit Option is not long term care. The money may be used for any purpose you choose, and can help you meet your financial obligations at a difficult time. Because payment under this Option may be taxable or affect your - or your spouse's - eligibility for Medicaid, you should seek appropriate professional advice before electing it. Once you exercise the Option, you will not be eligible for increased amounts of Spouse Life Insurance under the Plan.
|
|
|
