Standard Age Reduction Schedule
Beginning at age 65, your life coverage is reduced based on the benefit amount in force on your 64th birthday. This also applies to the AD&D benefit.
Age - Reduction of coverage
- 65: 35%
- 70: 55%
- 75: 70%
- 80: 80%
- 85: 85%
Waiver of Premium
Employees who are disabled for at least six consecutive months before age 60 can continue life insurance coverage and waive the premium. The employee is covered until age 65 if he or she remains totally disabled.
Guaranteed Conversion
If an employee or dependent loses coverage due to the employee's loss of employment, loss of eligibility, or reduction for age, the coverage can be converted to a whole life plan. Maximum amounts to be converted vary based on the contract. If the group coverage ends due to termination of the policy, conversion is available when the member's coverage has been in effect for at least three years. Voluntary ported coverage also can be converted when the policy is terminated. The conversion policy is issued without evidence of insurability and must be applied and paid for within 31 days of coverage termination.
Living Benefit (Accelerated Death Benefit)
An employee diagnosed with a terminal illness that is expected to result in death within 12-24 months based on the plan offered can receive a portion of the insurance benefit. Amount payable is 50 percent to a maximum benefit of $250,000.
The advanced amount will reduce the life insurance benefit at the time of death; this varies according to state regulations.
Humana must approve the benefit application.
Residents of Alabama, Illinois, Indiana, Louisiana, Massachusetts, Ohio, Oklahoma, Texas, Virginia, and Washington must have continuous coverage a minimum of 30 days to qualify for illness coverage. For accidents, coverage begins on the effective date of the policy.
Optional Portability for Voluntary Life
An active eligible employee who leaves the group can continue voluntary life insurance by paying annual premiums to Humana if he or she is not yet age 70. Only coverage in force or a lesser amount can be ported. Employee must exercise portability option within 31 days of termination. Portability is state-specific and is not available in Massachusetts and Minnesota. For specific benefits of coverage, contact your employer.
