Orlando Harmon
UnitedHealthcare offers a range of insurance plans, including life insurance. Term life insurance, underwritten by Golden Rule Insurance Company, is one of the options available to individuals and families. This type of insurance provides a lump-sum benefit to designated beneficiaries in the event of the policyholder's death within the selected policy term. Additionally, UnitedHealthcare offers specialty benefits for employers, including financial protection plans that encompass life, disability, and absence management solutions. These plans are designed to help employees cover unexpected out-of-pocket costs and provide beneficiary support services.
| Characteristics | Values |
|---|---|
| Type of Insurance | Term Life Insurance |
| Provider | UnitedHealthcare |
| Underwriter | Golden Rule Insurance Company |
| Policy Term | 10 or 20 years |
| Payment | Lump sum |
| Payment Recipient | Designated beneficiaries |
| Use of Payment | At the recipient's discretion |
| Critical Illness Benefit | Optional |
| Critical Illness Payment Recipient | The insured |
| Critical Illness Payment Use | At the insured's discretion |
What You'll Learn
UHC's Term Life Insurance
UnitedHealthcare's Term Life Insurance is a policy that pays cash benefits to your loved ones in the event of your death. It is underwritten by Golden Rule Insurance Company and can help protect your family's finances when you're gone.
Term life insurance is a policy that you buy for a set number of years, or a term, to help your family financially if you pass away during that time. UnitedHealthcare's Term Life SafeGuard plans are sold in 10- or 20-year periods. The longer the policy, the higher the insurance quotes are likely to be.
The Term Life Insurance plan pays designated beneficiaries a lump sum if you die within the selected policy term. The payment can be used as your beneficiary or beneficiaries wish, including for expenses like mortgage payments, travel costs, or school fees. There is no medical exam required, and coverage is available until age 75.
In addition to the standard Term Life Insurance plan, UnitedHealthcare also offers an optional Critical Illness Benefit. This rider pays cash benefits upon diagnosis of a qualifying illness, including life-threatening cancer, loss of hearing, speech, or vision, major organ transplant, or coronary artery bypass graft. The benefit amount received from the Critical Illness rider will be subtracted from your Term Life Insurance policy benefit.
Term life insurance is different from whole life insurance, which has living benefits and often includes savings components that build up over time. Whole life insurance plans are permanent and extend until the policy owner dies or reaches 100 years of age. Term life insurance, on the other hand, is only active for a set number of years and is more budget-friendly, making it a good option for those with timely events they want to ensure are covered in the event of their death.
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Critical Illness Benefit
UnitedHealthcare offers a Critical Illness Benefit as part of its Term Life Insurance plan. This benefit pays out cash to the policyholder upon diagnosis of a qualifying illness. The benefit amount is paid directly to the policyholder and can be used for any expenses, including medical costs, daily living expenses, and travel.
The Critical Illness Benefit covers the following:
- Life-threatening cancer
- Loss of hearing, speech, or vision
- Major organ transplant
- Coronary artery bypass graft
The benefit amount received will be subtracted from the term life insurance policy benefit. This means that the policyholder will receive a reduced payout upon their death if they have received a Critical Illness Benefit payout during their lifetime.
In addition to the Critical Illness Benefit offered by UnitedHealthcare, critical illness insurance is also available from other providers as a standalone policy or as an add-on to existing life insurance plans. Critical illness insurance provides additional coverage for medical emergencies, such as heart attacks, strokes, or cancer, which often incur greater-than-average medical costs. These policies typically pay out a lump sum to the policyholder, which can be used for any expenses, including medical costs, daily living expenses, and travel.
Critical illness insurance is designed to provide financial protection and peace of mind during a major medical event, allowing individuals to focus on their recovery rather than the associated costs. The monthly premiums for critical illness insurance are typically low, making them affordable add-ons to existing health insurance coverage. However, it is important to carefully review the policy as coverage may be limited to specific illnesses and circumstances.
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Whole Life Insurance
UnitedHealthcare offers term life insurance plans, which are underwritten by Golden Rule Insurance Company. These plans are distinct from whole life insurance plans.
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Supplemental Life Insurance
The cost of supplemental life insurance is sometimes based entirely on your age. Supplemental life insurance rates are largely, and sometimes completely, based on your age. Some employers might subsidize your monthly premium, lowering your cost for the supplemental coverage.
When deciding how much supplemental life insurance to buy, consider your financial and family situation, including the number of dependents you have, your debt obligations, college expenses, and funeral costs.
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Accidental Death & Dismemberment (AD&D)
UnitedHealthcare offers a range of insurance plans, including life insurance, to cater to the diverse needs of individuals and families. One important component of their insurance offerings is the Accidental Death & Dismemberment (AD&D) insurance, which is worth exploring in detail.
The benefits of AD&D insurance include financial assistance for surviving loved ones, supplementing lost income, and providing peace of mind. It offers quick coverage and affordable premiums, making it accessible to a wider range of individuals. However, it's important to carefully read the terms and conditions, as AD&D insurance usually comes with significant coverage limitations. For example, it does not cover deaths due to natural causes or certain exclusions like suicide, death from illness, or wartime injuries.
UnitedHealthcare's AD&D insurance is part of their financial protection plans, which are designed to help employees cover the unexpected costs that may impact their financial security, health, and well-being. These plans are beneficial for both the employees and the employer, as they can help attract and retain top talent. The AD&D insurance offered by UnitedHealthcare includes beneficiary support services such as access to grief counselling, financial and legal assistance, and social media shutdown services at no additional cost.
In conclusion, Accidental Death & Dismemberment (AD&D) insurance is a valuable addition to life insurance, providing extra financial security for individuals and their families in the event of an accidental death or dismemberment. It supplements regular life insurance policies and offers peace of mind by lessening the financial burden during difficult times. While it has its limitations, AD&D insurance can be a cost-effective way to enhance overall protection and provide assistance when needed.
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Frequently asked questions
Term life insurance is a life insurance policy that pays cash benefits to your loved ones in the event of your death. Term life insurance policies from Golden Rule Insurance Company also feature an optional Critical Illness Benefit that pays cash benefits upon diagnosis of a qualifying illness.
Term life insurance pays designated beneficiaries a lump sum if you die within the selected policy term. If you choose to add a Critical Illness Benefit to your policy and are diagnosed with a qualifying illness, you’ll receive a cash benefit according to the terms of your policy.
UnitedHealthcare branded Term Life SafeGuard plans from Golden Rule Insurance Company are sold in 10- or 20-year time periods. The longer the policy, the higher your life insurance quotes are likely to be.
