Desert Radiology Life and AD&D Insurance
Life insurance can fill a number of financial gaps for a family recovering from the death of a loved one. Without enough life insurance, many families have to reduce their standard of living after the loss of an income. Consider your current and future financial needs when evaluating how much coverage you need. The most common short and long-term financial needs include:
- Medical bills and funeral expenses
- Living expenses for the surviving family (housing, food, clothing, utilities, etc.
- Large expenses, e.g., college education or home mortgage
- Taxes and debts that need to be settled
Prudential
Policy/group #: 53011
Call (Life Claims): (800) 524-0542
Call (Disability Claims): (800) 842-1718
Website: prudential.com/mybenefits
Check your beneficiaries!
Make sure that you have named your beneficiary for your life insurance benefit, and update it if your marital status changes or if you have changes in your family.
Desert Radiology Practice-Provided Life and AD&D
Radiology Partners provides basic Life and Accidental Death & Dismemberment (AD&D) insurance through Prudential. We pay for this benefit on your behalf. The IRS considers any life insurance benefit over $50,000 as taxable. You will see the value of your benefit exceeding this amount included as a part of your taxable income on your paycheck.
Desert Radiology Voluntary Life and AD&D
Extra protection for your family
Insurance through Prudential allows you to purchase additional Life and AD&D coverage for yourself as well as for your spouse/domestic partner and/or child(ren). Keep in mind, you must be enrolled in voluntary Life insurance if you want to elect coverage for your spouse/domestic partner and/or child(ren). You pay the full cost of this coverage through after-tax payroll deductions.
Whole Life Insurance
Whole Life Insurance provides a fixed coverage amount with premiums and benefits that won’t change as you grow older. The policy can build cash value over time — which you can apply toward a paid-in-full life policy or even borrow against later. Other benefits include guaranteed coverage, family options, additional payments for covered accident-related claims and early payouts for terminal illness.
Coverage for you: You can purchase coverage for as little as $3 weekly as long as the minimum benefit is $2,000. The benefit amount is based on the premium amount you select, your age when coverage begins and whether you use tobacco.
Coverage for your spouse: Available for your spouse up to age 80, even if you don’t purchase coverage for yourself. If you leave RP you can continue this coverage.
Coverage for your child(ren): Your children and grandchildren can have individual coverage, even if you don’t purchase coverage for yourself.
Whole Life Insurance earns interest, or “cash value” at a guaranteed rate of 4.5%. You can borrow from that cash value or you can buy a smaller, paid-up policy—with no more premiums due.
You can also add an Accidental Death Benefit that can increase the payment your family would receive if you die from a covered illness before age 70.
Key Terms To Get Familiar With
- Evidence of Insurability (EOI): also known as “evidence of good health” or “health status questionnaire” is the process by which Prudential determines if you are insurable for the amount of coverage you want.
- Guaranteed Issue (GI): the amount of voluntary Life coverage you can get without providing EOI. Any coverage elected over GI will require the completion of EOI for approval.
If you apply for voluntary coverage in the initial enrollment period or during open enrollment, EOI is not required, but if you decide to apply at any point in the future, you will have to complete the EOI process and the GI amount will no longer apply. Prudential will not grant coverage until it receives your EOI and issues approval.
