Understanding Qualifying Life Events and Health Insurance There are times when life changes unexpectedly. And when it does, those changes may occur outside the yearly Open Enrollment Period. To accommodate the unexpected, Special Enrollment Periods ensure you always receive essential health insurance coverage during qualifying life events. To make sure you have the opportunity to purchase coverage during those times, a Special Enrollment Period allows you to enroll in essential health insurance coverage during qualifying life events. What Is A Qualifying Life Event? Certain changes in your life situation are known as qualifying life events – things like a loss of health coverage, a change...
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Welcome to #Adulting , the ultimate breakdown of all your grown-up needs. These articles are here to help you feel less alone and answer all your personal, financial, and career questions that weren’t answered in school (no judgment, we get it!). Whether you’re looking to find out how to tackle laundry or you want a deep breakdown on how to make a savings plan—we’ve got you covered. Come back every month to find out what life skills we’re upgrading next and how. Life insurance feels like one of those “adult” things you don’t have to think about until you’re much older, just like retirement plans and mortgages. But with the coronavirus (COVID-19) pandemic continuing on across the U.S., you...
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The insurance plan you're eligible for depends on your location and term of appointment. If you or a dependant are located in the US, you must select a US-based insurance plan (Aetna or Empire). UN Worldwide Plan is only for staff members and their dependants located overseas who will not require health care in the US. MIP is only for locally-recruited staff members in duty stations away from Headquarters. For most situations (new hire, change in duty station, new addition to the family, etc.) you have 31 days from the event date (e.g., date of birth, date of marriage, etc.) to enroll in the plan. Step 1: Review your details in Umoja via Employee Self Service (ESS) or for those not using...
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Life Insurance Solutions Life insurance comes in two main types – term and permanent – which may both be available through your workplace. Term life insurance pays a specific lump sum to your loved ones for a specified period of time – usually from one to 20 years. If you stop paying premiums, the insurance stops. Term policies pay benefits if you die during the period covered by the policy, but they do not build cash value. They may also give you the option to port. That is, you can take the coverage with you if you leave your company. Generally, you should consider a term life insurance policy to: Get valuable coverage at an affordable price Help cover specific financial responsibilities...
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Capital Legacy, South Africa’s leading provider of Wills, has been operating in the fiduciary and financial industries since 2012. Over the last eight years they have provided more than 300 000 clients with Wills and indemnified over R70-billion in fees that arise during the estate administration process, which has aided them in gaining invaluable experience and insight into consumer needs and trends. “Over the last eight years of winding up estates, we have often seen bereaved families face the reality that the life insurance policy of the deceased individual is insufficient to meet their needs. We are unfortunately and more often than we would like, presented with situations where we...
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TUCSON, Ariz. — This year the pandemic has shown us how fragile life can be and how circumstances can change in an instant. As of now about 46 percent of Americans are uninsured and many don’t have enough coverage, according to research association LIMRA. LIMRA also reports nearly 1 in 3 families said they would face financial challenges within one month if the primary earner in their family died. That rate was before the pandemic. “I believe that there are triggers in our life. And so the pandemic, yes, has led folks to almost look at the terms and the possibility of needing life insurance. Even though it's always there. The biggest reason that you need life insurance is twofold,” said...
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Munich Re Expert: What to Expect in Pandemic Insurance. Dr. Gunther Kraut, head of Epidemic Risk Solutions at Munich Re, discusses the current state of the pandemic insurance market and what can be expected for the future. He says one of the challenges of developing this market, aside from managing accumulation risk, has been the education process required by the potential insured. Did Munich Re have any pandemic insurance solutions prior to the crisis? Munich Re established a dedicated team, "Epidemic Risk Solutions" (ERS) in 2017 (to our knowledge the only major insurer with a dedicated epidemic risk unit) in order to make societies and economies more resilient against epidemic outbreak...
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BELLEVUE, Wash.--( BUSINESS WIRE )--Symetra Life Insurance Company today announced the appointment of Lori J. Black as vice president, National Voluntary Practice Lead, a new role for the organization. Ms. Black joins Symetra’s Benefits Division leadership team. She reports to Harry Monti, executive vice president, Benefits Division. As National Voluntary Practice Lead, Ms. Black will be responsible for growing Symetra’s presence in the group insurance market, driving execution of critical investments already underway and refining the Benefits Division’s ongoing voluntary benefits strategy. “Voluntary products continue to be an expanding part of benefit plan designs as employers try to...
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Matt Potashnick takes newly created role following private equity investment in the business Life Insurance broker Reassured has announced the appointment of CIO Matt Potashnick, who will be responsible for IT across Reassured's five existing sites, as well as several more planned for 2020/21. Additionally, he will spearhead the firm's ambitious digital sales strategy, which will complement its telesales activity. In 2005 Matt was a founder of Swiftcover, where he created an online solution allowing customers to buy Motor Insurance online; subsequently moving the business into Home and Travel Insurance lines, before it was acquired by AXA in 2007 where the brand and its systems remain in...
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A while ago, we were having a team discussion to understand customer pain-points while digitizing the buying process for an insurance product. One of the participants suggested that we scan the filled hard copy of the proposal form, and save in our system. This will make the digitization process complete since all documents will be accessible online. I cringed then because maintaining soft copies falls far short of true digitization. However, this incident does describe the inadequate state of technology adoption in insurance and the prevailing mindset. Recent steps taken by the Insurance Regulatory and Development Authority (IRDAI) of allowing life insurers to accept a digital proposal and...
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