Term Insurance is simple
You pay a premium for a period of time, for United Healthcare it’s 10 or 20 years and if the insured dies during that time a cash benefit is paid to your family (or anyone else you name as your beneficiary).
United Healthcare offers a Term Life insurance product called Term Life SafeGuard. If you are the age of 18-59, you can apply for coverage.
Term Life product
Age: 18-49 you can choose to have a 10 or 20 year term.
Age: 50-59 you can choose to have a 10 year term.
There is a renewable provision which allows you to renew for a higher premium annually up until the age 75.
The term life product called Term Life SafeGuard
Term Life Safeguard benefit one of seven benefit amount to choose from $25,000, $30,000, $50,000, $75,000, $100,000, $150,000, and $200,000
To Get Started
Depending on the state you reside, you may be required to fill out a Replacement Form when you are canceling or changing an existing coverage term life policy/contract or if you are simply applying for a new coverage.
Term Life Underwriting
United Healthcare underwriting questions are simple yes or no questions, that are the standard rating for most states. An application is processed as “Accept” or “Rejected with NO MEDICAL EXAM required.”
Term Life SafeGuard Critical Illness Benefit
Term Life SafeGuard does have an offer to select an optional Critical Illness Benefit for you, however it is based on the Term amount you chose. See chart below for more details.
|Term Life Amount You Have||Critical Illness Amount You Can Get|
|$50,000||$25,000 or $50,000|
|$100,000||$50,000 or $100,000|
Optional Critical Illnesses Coverage
A glimpse at the covered Critical Illnesses under Term Life SafeGuard. It is available to you in the product brochure. After 90 days of the coverage effective date, upon diagnosis of a covered critical illness you will receive a large lump sum in most states the benefit is 100% of the Term Life SafeGuard amount you’ve selected, however there are a few instances you’ll receive a smaller percentage of the chosen benefit, like 10% or 25%. There is a 30 day Waiting Period that is applied for a qualifying diagnosis to be eligible for the Critical Illness benefit.
|Optional Critical Illness Coverage|
|Illness Diagnosed (as mentioned in the policy). There is a 30 day waiting period which is applied, except as noted below|
|Carcinoma in Situ||25%|
|Coronary Artery Bypass Graft||25%|
|Life-threatening Cancer (Diagnosis more than 90 days after Coverage)||10%|
|Loss of Hearing||100%|
|Loss of Speech||100%|
|Loss of Vision (not available in Mississippi)||100%|
|Major Organ Transplant||100%|
|Renal (Kidney) Failure||100%|
What happens when you use your critical illness benefit?
When the critical illness benefit is used it is subtracted from the Term Life SafeGuard benefit. This will result in a lower term life benefit and premium or if the benefit amount paid for critical illness is equal to the full term life benefit, then the policy is terminated.