Teamsters Life Insurance: Interest Included Or Excluded?

Teamsters Life Insurance is a benefit offered to members of the International Brotherhood of Teamsters (IBT) and their families. It provides financial protection in the event of the member's death, helping to cover expenses such as mortgages, education, and daily living costs. The benefit amount ranges from $50,000 to $500,000, depending on the plan and the member's earnings, and includes accidental death and dismemberment coverage. Spouse and dependent life coverage is also available, with benefits ranging from $2,000 to $100,000. While Teamsters Life Insurance offers essential financial protection, it is unclear if it includes interest as a feature.

Teamsters life insurance benefits for beneficiaries

Teamsters Life Insurance offers a range of benefits for its members' beneficiaries. The benefits available depend on the specific plan and the member's employment status. Here is an overview of the key life insurance benefits for beneficiaries:

Financial Protection

In the unfortunate event of a member's death, Teamsters Life Insurance provides financial protection for their family or beneficiaries. The benefit amount varies depending on the specific plan and circumstances. For example, under the TeamstersCare Life Insurance Benefit, beneficiaries receive a payment of $50,000. Additionally, eligible spouses and dependent children are also entitled to receive life insurance benefits. The benefit for a spouse is $5,000, and for each eligible dependent child, it is $2,000.

Accelerated Death Benefit

If a member is diagnosed with a total or permanent disability that is expected to result in death within 24 months, they can receive up to 75% of their total life insurance benefit while still alive. The remaining benefit is then paid to the beneficiary upon the member's death.

Five-Year Family Protection Benefit

In the event of a member's death during active employment, their family is eligible for the Five-Year Family Protection Benefit. This benefit provides five years of free in-network health care coverage for the family. To be eligible, the family must have been using in-network medical providers for all non-emergency medical care during the two years before the member's death.

Spouse and Child Life Insurance

Teamsters Life Insurance also provides benefits in the event of the death of a spouse or dependent child. If a covered spouse passes away, the member, as the beneficiary, is eligible for a $5,000 life insurance benefit. Similarly, if a covered child dependent passes away, the member can receive a $2,500 life insurance benefit.

Accidental Death and Dismemberment (AD&D)

In the event of a member's accidental death, their beneficiary is entitled to additional benefits. The benefit amount is calculated based on the member's hourly rate at the time of death and whether they were working full-time or part-time. For full-time workers, the benefit is equal to 2080 times the hourly rate, while for part-time workers, it is 1040 times the hourly rate or $40,000, whichever is greater. The AD&D benefits have a maximum payout of $100,000.

Teamsters Life Insurance provides valuable financial security and protection for members and their loved ones during difficult times. These benefits ensure that families have the support they need in the event of a member's death or disability.

Teamsters life insurance for spouses

Teamsters Life Insurance provides financial protection for your family or beneficiaries in the event of your death. If you die from any cause, either on or off the job, your beneficiaries will receive a benefit of $50,000. This includes a $5,000 life insurance benefit for your spouse and a $2,000 benefit for each eligible dependent child.

In the event of the death of a spouse, you are eligible for a $5,000 life insurance benefit if your covered spouse dies while you are a participant in the plan. The member is always their spouse's beneficiary.

Teamsters Life Insurance also offers an accelerated death benefit. If you are diagnosed by a doctor as being totally or permanently disabled, and your disability will likely result in your death within the next 24 months, you are eligible to receive up to 75% of your total $50,000 life insurance benefit while you are living. The remaining benefit is payable to your beneficiary upon your death.

Teamsters also offers Whole Life Insurance with Long Term Care and Accident Protection. This includes a death benefit for your entire life, a cash value once accumulated, and a nursing home or at-home care benefit.

In addition to life insurance, Teamsters provides Short-Term and Long-Term Disability benefits, which include income protection in the event of an illness or injury. The Short-Term Disability benefit pays 60% of your average weekly pay up to $500 per week for a maximum of 26 weeks.

Teamsters also offers a Five-Year Family Protection Benefit, which provides five years of continued health care coverage for your family at no extra cost in the event of your death during active employment. This benefit includes health insurance, dental, and vision coverage.

To be eligible for Teamsters Life Insurance benefits, members must work, and their employers must have remitted contributions of at least 400 hours (225 hours for part-time UPS members) over a consecutive three-month period. Coverage will begin the following month.

Teamsters life insurance for dependent children

Teamsters Life Insurance provides financial protection for your family or beneficiaries in the event of your death. If you die from any cause, either on or off the job, TeamstersCare pays your beneficiaries a benefit of $50,000. This includes a life insurance benefit for your eligible spouse and dependent children.

Teamsters Life Insurance offers a $5,000 benefit for your spouse, and $2,000 for each eligible dependent child. This benefit is available to full-time members covered under the Active and MSTS programs, as well as part-time UPS members.

Dependent children are eligible to receive benefits up to the last day of the month of their 26th birthday, regardless of their student status, residence, or marital status. This means that dependent children can continue to receive coverage even after they are no longer considered dependents for tax purposes.

In addition to the standard life insurance benefit, TeamstersCare also provides an accelerated death benefit. If you are diagnosed by a doctor as being totally or permanently disabled, and your disability is likely to result in your death within the next 24 months, you are eligible to receive up to 75% of your total $50,000 life insurance benefit while you are still alive. The remaining benefit is then payable to your beneficiary upon your death.

Teamsters also offers two new supplemental insurance programs through Allstate, which provide additional protection for you and your family: Whole Life Insurance with Long Term Care and Accident Protection. Whole Life Insurance with Long Term Care provides a death benefit for your entire life, as well as a cash value once accumulated, and a nursing home or at-home care benefit. Accident Protection provides a cash benefit to help in the event of an accident.

Teamsters accidental death and dismemberment insurance

Teamsters Life Insurance provides financial protection for your family or beneficiaries in the event of your death. This includes an accidental death and dismemberment (AD&D) benefit, which provides additional life and accident insurance protection. If a Teamster dies as a result of an accident, the AD&D benefit is paid to the beneficiary in addition to the normal life insurance benefit. The maximum AD&D benefit is $50,000 for one accident.

Teamsters members can enrol in Short-Term Disability (STD), Long-Term Disability (LTD), and Life Insurance with Accidental Death & Dismemberment (AD&D). This coverage is available for the member only and provides protection in the event of an accident. If a member dies within 365 days of an accident, or suffers certain specified injuries, TeamstersCare will pay additional benefits. These benefits can include an airbag benefit, seatbelt benefit, childcare benefit, child education benefit, coma benefit, or felonious assault benefit.

Teamsters VIP+ Plan also offers Life Insurance with Accidental Death and Dismemberment (AD&D). This coverage is available for members, spouses, and dependents. Member coverage is available up to $500,000 in $10,000 increments, not to exceed five times annual earnings. Spouse coverage is available up to $100,000 in $5,000 increments, not to exceed 100% of member coverage. Dependent coverage is available for a flat $20,000. If death is caused by an accident, the benefit doubles.

TeamstersCare provides full-time members covered under the Active and MSTS programs with $50,000 in life insurance and another $50,000 accidental death benefit. This includes a $5,000 spousal death benefit and a $2,000 dependent death benefit.

Teamsters life insurance for part-time workers

TeamstersCare provides part-time workers with life insurance benefits in the event of their death, including financial protection for their family or beneficiaries. This includes a $50,000 benefit for the worker, $5,000 for their spouse, and $2,000 for each eligible dependent child. Part-time workers are also eligible for the Accelerated Death Benefit, which provides up to 75% of the total $50,000 life insurance benefit if the worker is diagnosed as totally or permanently disabled, and their disability is likely to result in death within 24 months.

Part-time workers can become eligible for TeamstersCare benefits in the Active TeamstersCare program by working a minimum of 225 hours over a consecutive three-month period. Once eligible, part-time workers can also take advantage of the Five-Year Family Protection Benefit, which provides their family with five years of continued health care coverage at no extra cost in the event of their death.

In the case of the death of a covered spouse, part-time workers are eligible for a $5,000 life insurance benefit, and in the case of the death of a covered child dependent, a $2,500 life insurance benefit is provided. Additionally, if a part-time worker dies as a result of an accident, their beneficiary will receive a benefit equal to 1040 times their hourly rate, up to a maximum of $100,000.

TeamstersCare also offers the Short-Term Disability benefit, which provides income protection for part-time workers who become sick or injured and are unable to work. This benefit pays 60% of the average weekly pay, up to $500 per week, for a maximum of 26 weeks.

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