This article is the first in a three-part series about life insurance, disability insurance, and long-term care insurance.
Life can be unpredictable! Life insurance helps protect the people and causes you care about most, even if you’re no longer here to do so.
Your life policy benefits can create an inheritance to help pay for college, make a down payment or partially pay off a home, or fund a new business for someone you love. You can also name a non-profit as one of your beneficiaries, such as an animal shelter or other charitable organization, to pay for food, shelter, and other expenses to support those in need or good works you want to sponsor.
Newer types of life insurance can provide access to policy benefits while you are alive (Living Benefits), including disability, long-term care, critical illness, and terminal illness expenses. A good way to determine your unique coverage needs is to complete a Life Insurance Needs Calculator every year or so or when important events occur like marriage, birth or adoption of a child, and other major life changes.
Types of Life Insurance
There are two main types of life insurance: term (with no cash value), and permanent (with potential to build cash value). Term insurance provides a specific amount of benefit for a number of years.
Permanent insurance can build cash values that you can borrow and pay back, withdraw tax free, and use to create income streams for retirement. The type of insurance you choose depends on many factors unique to you.
A Life Insurance Product Selector or insurance professional can help you decide what is the best fit right now.
UNM’s group term life insurance and AD&D (accidental death-and-dismemberment) insurance can be a very affordable part of your family’s plan. You can enroll when you are newly hired or newly eligible, or during annual open enrollment in April and May, or if you experience a Qualifying Change in Status event.
Coverage is guaranteed up to certain multiples of your salary, and available above these limits subject to proof of insurability with medical underwriting. Enroll using the Life and AD&D Form or contact The Hartford at 866-551-1494 for more details.
Did you know that UNM employees and their family members can request complimentary financial planning and recommendations, including life insurance advice, from qualified local insurance and investment advisors? Schedule a virtual appointment with local licensed representatives from AIG, Fidelity, Nusenda, TIAA, and Voya.
Questions? Contact Cherie Knight, Benefits & Employee Wellness at email@example.com .