Options and Features
Accidental Death and Dismemberment (AD&D) Insurance
AD&D insurance is 24-hour, around-the-world accident coverage. If elected, this option will double your life insurance benefit amount if you die by accident or if you suffer the loss of: both hands, both feet, sight in both eyes, one hand and one foot, one hand and sight in one eye, or one foot and sight in one eye. One-half the amount is payable for the covered loss of: one hand, one foot, or sight in one eye. The total payment for any accident will not be more than the full amount of the AD&D insurance. Proceeds for loss of life are payable to the beneficiary. Proceeds for other losses are payable to your spouse, if living, otherwise, to you or a named beneficiary(ies). The AD&D insurance benefit is payable in addition to any other insurance. AD&D coverage terminates when your spouse reaches age 75. The exclusions listed on this web site apply. See the rates for optional AD&D here.
Accelerated Benefit Option
A no-cost feature of the Plan, this Option allows your spouse 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.