10 December, 2020

What are the qualifying life events?


Get Married: Whether it’s a marriage, domestic partnership or civil union, we’ve got you covered. For marriage, proof of life event is dependent on federal law or the law of the state in which the union occurred. Typically, that would be a copy of your marriage or union certification. For marriage, you can increase up to your personalized Maximum Face Amount. Add a Member to the Family: Get peace of mind for your newborn baby, newly adopted or step-child with additional coverage. Proof of life event consists of either a birth certificate, adoption paperwork, social security number or required attestation. You can increase up to your personalized Maximum Face Amount. Invest in a Nest or Get a Personal Loan: Find a place to call home or buy a new car — dial up your coverage to help pay off your new mortgage or personal loan. Proof of life event consists of the loan closing paperwork through an FDIC recognized financial institution with documentation of the loan balance. You can increase up to the current outstanding loan balance. Note this would exclude open lines of credit, credit card debt, or refinancing of a current loan. Celebrate a Promotion: Help protect your beneficiaries as your standard of living increases. If your salary goes up by more than 10% over the prior year, you qualify. As an example, proof of life event may consist of your current and prior year W2s. You can increase up to your current coverage amount multiplied by the percentage of the year-over-year salary increase. Note, “salary” includes wages, bonuses, and commissions.