Everyone needs life insurance.
Contrary to popular belief, life insurance isn't just for parents. You need life insurance if anyone is financially dependent on you.

You've recently graduated from college.
You may have significant student loan obligations. If something were to happen to you, your loved ones would most likely be forced to shoulder that debt.

You're the parent of small children.
You want to make sure they'll be able to keep the same lifestyle and attend college—even if you're not there to see it happen.

Your grown children are on their own.
But your children may rely on you for support and help around the house. If you weren't there for them, your children would need extra money to pay someone to take care of things you've been managing for them.

Your spouse may be depending on your income for retirement.
But you're not sure your retirement savings is enough to keep up with a rising cost of living if your paycheck stopped. Life insurance can be a smart way to fill the gap.

Like many families, you rely on two incomes to make ends meet.
You'll need life insurance on both you and your spouse. Even if your spouse stays at home, you should consider life insurance on your spouse to cover the cost of hiring someone to take care of the things your spouse generally handles.

You want to be sure your children can protect their futures, too.

Most children's life insurance coverage contains an innovative feature that allows them to convert their term life protection to a permanent life insurance plan at a higher premium when they become adults. This ensures that your children can protect their own families—no matter what health problems they may develop.

Consider what kind of financial condition your family would be in if, suddenly, you were not there to provide them. Where would money come from to pay for your funeral, the monthly bills, the mortgage, and education costs? Maybe it's a good time to think about the value of life insurance.

Lee Health's group insurance program is offered through Securian Financial. Insurance coverage is underwritten by Minnesota Life Insurance Company, a Securian Financial affiliate.

 

You can enroll in the life program at any time during the year with medical underwriting, but if you enroll within 60 days following your benefit effective date ( 90 days), you can enroll for two times your base salary up to $250,000.00 in coverage, up to $20,000 in spouse coverage and $10,000 in child coverage - based on a few eligibility questions.

When you leave or retire from your current employer, you can continue your coverage without interruption as long as the group policy is in effect, subject to applicable law and the policies' terms and conditions. Although payroll deduction will no longer be available if you retire or leave your company, you can opt for other payment methods such as direct checking or bank account deduction, credit card billing or home billing. You will be billed directly for your cost of coverage at portable rates. Portable rates may be higher.

Perhaps the best advantage of Group Universal Life Insurance is the availability of a special interest-bearing, tax deferred account. Accumulated cash value, if any, can be withdrawn tax-free up to an amount equal to your cost basis. Tax-favored loans and withdrawals may be available.¹ You can access the money whenever you want and for whatever you want. You can also take a loan against the value in your cash fund and continue to earn interest on the borrowed amount. Minimum withdrawal amount is $100.

 

¹In general, participants may withdraw cash value equal to premiums paid without tax consequences although less favorable rules may apply in the first 15 years. However, if the funding of the certificate exceeds certain limits, it will become a “modified endowment contract’ (MEC) and become subject to “earnings first” taxation on withdrawals and loans. An additional 10% penalty for withdrawals and loans taken before age 59½ will also generally apply. We will notify you if a contribution would cause your certificate to become a MEC. Withdrawals and loans reduce the death benefit and cash value, thereby diminishing the ability of the cash value to serve as a source of funding for cost of insurance charges, which increase as you age.

Having the proper amount of life insurance is important. If you should die prematurely, you want to know that your loved ones will have enough money to continue living the kind of life you hoped they'd have. You should regularly review your life insurance needs to ensure you have adequate coverage, particularly as your personal circumstances change.

The primary reason for purchasing life insurance is the death benefit, but with GUL insurance, you can build cash value by making premium contributions above the cost of the insurance coverage. If you choose to accumulate cash value, your additional premium contributions (which can be made through payroll deduction or lump sum) earn a minimum interest rate of three percent. 

If evidence of good health is required...
Coverage is effective on the first of the month after coverage is approved by Securian Financial.

 

If evidence of good health is not required...
Coverage is effective the first day of the month in which your first payroll deduction begins.