Michael
Sainato
UAW Benefit
Representative Local #898
In Plant
Phone: 734- 48-49252
800-841-0126
Fax:
734-48-48284
Union
Hall:
734-482-8320 800-521-7152
Fax:
734-482-3200
e-mail:
msainato@ford.com
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Below is the general information and highlights of the UAW/FORD Basic Life Insurance offered by Unicare Life Insurance Co.
Under the 2003 Agreement, basic life insurance for active employees range from $40,500 to $81,000 depending on the employee’s base hourly rate.
Generally, there is no premium charge to active or retired employees. However, there are certain circumstances when an active employee who stops work for certain reasons may have to pay the premiums to keep the insurance in force. Life Insurance is payable regardless of the cause of death; in the case of Accidental Death and Dismemberment (AD&D) certain limitations are applicable.
Beneficiary Information
Life Insurance is payable to the last named beneficiary. The beneficiary is designated by the insured and can be changed by him/her at any time by contacting Unicare. Information regarding the beneficiary is not released over the phone since this is confidential. You may write to the Unicare office for this information at Unicare Life Insurance & Health Insurance Company P.O. Box 2090 Dearborn Mi. 48123-2090 or you can stop by my office in the plant or at the Union Hall and I will give you a Unicare Form 20 to complete and mail back to them.
You must complete the Form 20. Failure to complete and return the form to Unicare Life and Health Insurance Co. may result in payment of your Life Insurance proceeds, in case of your death, going to someone other than your intended beneficiaries. Print in ink and complete all requested information. All information must be clearly stated.
It is important to keep the beneficiary designation up to date. For instance, if the beneficiary predeceases the insured and the designation is not changed, payment of the claim will be delayed. Also if the martial status changes it is important to update your beneficiary, if necessary.
Accidental Death Benefit
The Accidental Death Benefit is half of the life insurance amount in force. This amount is paid in addition to your life insurance benefit. If the death is occupational related, the benefit is three times the AD&D insurance in force Depending on the loss, dismemberment benefits are one-quarter or one-half of the life insurance amount in force and are paid directly to the insured.
Change in Life Insurance Amount after Age 65
The full life insurance amount remains in force until the age of 65. At that time, the amount reduces at a rate of 2% per month until an ultimate amount is reached. The ultimate amount is based on his/her creditable years of service and participation in the Group Life Insurance Plan x 1½% x the amount of life insurance in force at the age of 65. At age 65, a Certificate is sent out giving (a) an original amount of Group Life Insurance (b) monthly reduction (c) final amount of Continuing Group Life (d) and beneficiary designation.
Employees and retirees are entitled to convert the amount of life insurance that they lose after age 65 to an individual policy at standard Unicare rates. If the employee/retiree is interested in converting, he/she should call Unicare at 1-800-843-8184 for more information. There is no longer any Accidental Death and Dismemberment Insurance in force after age 65 for retirees. Survivor Income Benefits coverage terminates upon retirement except for disability retirees who have Survivor Income Benefits to age 65. Conversion must be done within 31 days of the retiree’s 65th birthday.
How Life Insurance is Paid
Beginning January 1, 1994, the life insurance proceeds of $10,000 or more are paid to the beneficiaries in a checking account that pays interest at money market rates. This arrangement, known as the Control Plus Account, replaces the normal single check method paying life insurance proceeds. Proceeds that are less than $10,000 will continue to be paid out in a single check. The Control Plus Account allows the beneficiaries to defer decisions until the time is right.
Accelerated Death Benefit
Effective January 1, 1997 an accelerated death benefit feature allows an employee or retiree with a terminal illness, with life expectancy of 12 months or less, to receive a lump-sum payment of up to 50% of the value of the Company paid Basic Group Life Insurance. The remaining will be paid to the beneficiaries upon the death of the insured.