ManhattanLife Term Life Insurance offers affordable, time-limited financial protection for employees and their families. Available in 10- or 20-year terms (renewable up to age 80), it provides coverage amounts from $10,000 to $300,000 for employees, with additional options for spouses and children. It includes optional benefits like Accelerated Terminal Illness payouts, Accidental Death & Dismemberment, Critical Illness benefits, and Waiver of Premium for disability or job loss. Coverage is portable, customizable, and designed to protect loved ones from financial hardship during life’s most difficult times.
Term Life SUMMARY OF BENEFITS
Your employees will appreciate the peace of mind life coverage helps to provide, and their loved ones will appreciate a benefit that can help guarantee a more secure future if the unthinkable should happen. Term life provides protection for a defined period, for employees and their loved ones.
Product Base
Group
Level term life insurance renewable to age 80, available in term durations of 10 or 20 years. Last duration can be less than 10 or 20 years. Product duration to age 80.
Coverage Type
BENEFITS & FEATURES
Benefit amounts are available at various levels: • $10,000 to $300,000 for employees Dependent coverage also can be added: • Spouse: $10,000 to $50,000. • Child: $5,000 to $25,000 for each eligible child.
Benefit Amounts
Benefit Type
Defined benefit
Accelerates payment of the life insurance death benefit in the event of the employee’s future terminal illness diagnosis (with 12 months or less to live) or loss from specified critical illnesses. For the terminal illness benefit, the maximum advance is $150,000 based on the benefit amount selected. Not available in NY.
Terminal Illness Benefit
CHOOSE OPTIONS TO OFFER TO YOUR EMPLOYEES
Offers an additional payment of the life insurance benefit, to a maximum of $100,000, when a loss results from a serious accident or death. Available for sale through and including age 60. Accidental Death and Dismemberment is equal to the face amount of the base policy on employee only, up to $100,000. Additional benefit of 10 percent if seat belt was in use in automobile accident. Fifty percent of death benefit is payable for accidental loss of both hands, both feet, sight of both eyes, one hand and one foot, one hand and sight of one eye, or one foot and sight of one eye. If two or more losses covered by this benefit result from one accident, only one benefit is paid. This does not apply to Coma, Occupational Assault, Seat Belt, or Paralysis benefit. If two or more accidents cause losses by this benefit, we will not pay more than 100 percent of the AD&D benefit. This does not apply to Coma, Occupational Assault, Seat Belt, or Paralysis benefit. Occupational Assault, Seat Belt and Paralysis not available in IL. Coma pays one percent of death benefit amount per month for Coma beginning on the first day of the calendar month that coma begins, and on the first day of each succeeding calendar month and partial calendar month while the coma continues. Maximum 100 months. Occupational Assault pays additional 10 percent of death benefit if death resulted from occupational assault. Paralysis pays 100 percent of Accidental death benefit NY is Accidental Death only.
Accidental Death, Dismemberment and Loss of Sight (AD&D) Not available in MT, UT and VT.
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TL-SB24 0222 www.manhattanlife.com
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Premiums are waived after the employee has been totally disabled for at least 180 days or suffers a loss covered by AD&D after the effective date of coverage. Not available in MT, NH and UT. On each of the employee’s first five coverage anniversary dates, he or she can elect coverage increases equivalent to a premium of $1 or $2 per week. ABI benefit also increases the AD&D benefit on the life of the employee only. Future ABI benefits cease if the certificate is ported. • Premiums are based on attained age of the employee on the date of the increase • If the employee refuses to exercise an increase, all future increases are canceled • $1 per week or $2 per week We’ll waive an employee’s premium in the event of authorized strike, lockout, layoff, or job elimination (maximum six-month benefit per occurrence, with a lifetime maximum of 12 months’ waiver). Available through age 55. Elimination period is 30 days for benefit qualification.
Total Disability Waiver of Premium
Automatic Benefit Increase (ABI) Not available in MT, NJ and UT
Loss of Work Not available in MN, MT, NY, TN, UT, and WA Accelerated Benefit for Critical Illness Not available in CA, CT, KS, MT, NH, NY, and UT
25% (max $ amount of $25k)
50% (max $ amount of $50k)
100% (max $ amount of $100k)
Offers spouse coverage up to $50,000 and child coverage up to $25,000 (for each insured child). Insurance for a dependent cannot exceed the employee’s coverage amount. • Family Term coverage may be added after original policy issue date • Family Term Benefit terminates when base plan is terminated • Family Term Benefit is convertible • Spouses are covered to age 60 • Children are covered through age 25. All children are covered with a single premium regardless of the number of children.
Family Term
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TL-SB24 0222 www.manhattanlife.com
SERIES
PLAN PROVISIONS Pre-existing conditions
12/12 Pre-existing condition limitation on Waiver of Premium and Critical Illness riders.
• Total amount of life insurance coverage with ManhattanLife Assurance Company of America not to exceed $300,000. • If both parents are eligible employees, their eligible Child(ren) may be insured by either spouse but not both. • Employee issue ages • 10 year: 18-70 • 20 year: 18-60 • Full-time, benefit eligible employees, actively at work and working at least 20 hours per week
Product Restrictions
Eligibility
• Spouse issue ages 18-60; ineligible if employee is denied • Child issue ages 0-25; ineligible if employee is denied
Termination Age
Employee: Coverage terminates at age 80 Spouse: Coverage terminates at age 70 Child: Coverage terminates at age 26
Benefits and riders may vary by state and may not be available in all states. This is not a complete disclosure of plan qualifications and limitations. Please access our website to obtain a completed list for the Workplace Voluntary Benefit products at www.manhattanlife.com. Please review this information before applying for coverage. The amount of benefits provided depends on the plan selected. Premiums will vary according to the selection made. THIS POLICY PROVIDES LIMITED BENEFITS. Policy: M-8013 Inured by ManhattanLife Assurance Company of America. *FL and NJ Underwritten by Manhattan Life Insurance Company.
Prestige
™
TL-SB24 0222 www.manhattanlife.com
SERIES
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