Minnesota Life ADD Bank Ultra

December 20, 2019 Comments Off on Minnesota Life ADD Bank Ultra

Minnesota Life Ultra
Accidental Death & Dismemberment
Quick Facts

Product Description

Accidental Death and Dismemberment covers the insured in the event of loss of life, limb, sight, speech or hearing due to a covered accident.

  • Easy enrollment, no medical exam or questionnaires.
  • Product not available in AK, ND, VT

System Indicator

DD

Account Types

DDA, Credit Card, and Mortgage

Eligibility

  • The primary insured and spouse, 18 and over
  • Dependent children: 19 and under, or under 25 if enrolled in accredited institution of higher learning
  • Easy enrollment, no medical exam or questionnaires.
  • No termination age, however, coverage reduces by 50% at age 70 or older

Core Benefits

  • Basic offer of $1000-$3000 paid by the financial institution for 1 year
  • Offers up to $300,000 of supplemental coverage elected and paid by the primary insured

Family Coverage

  • Spouse: 60%
  • Child(ren): 20% Supplemental Coverage

Enhanced Family Coverage (Not available in NY)

  • Spouse: 100% Supplemental Coverage
  • Child(ren): Each dependent child- 20% Supplemental Coverage

How benefits are paid

  • Benefits for dismemberment loss of the Primary Insured; or loss of life of covered dependents (family coverage), will be paid to the Primary Insured.
  • Benefits, for loss of life of the Primary Insured, will be paid to the named beneficiary(ies). If there is no beneficiary, benefits will be paid to the lawful spouse; otherwise to the duly appointed representative of the estate.

Additional Features (Click on the benefit for description)

Anti-inflation Benefit For every two years supplemental coverage remains continuous, the amount of coverage will be increased by 5% until it reaches 125% of the original amount of insurance.
Common Carrier Accidental Death Common carrier Accident provides benefits for accidental loss of life involving a collision, crash or sinking of a common carrier while riding as a fare-paying passenger. Benefit is 2X the amount of supplemental coverage. Common carrier includes any public air, land or water conveyance operated under a license for commercial passenger service.
Educational Assistance Benefit If the primary insured dies from a covered accident, this benefit pays an educational benefit for each dependent child enrolled as a full-time student in an institution of higher education on the date of the Primary Insured’s death. (Benefits will also be paid for dependent children who are in 12th grade on the date of death but who enroll in an institution of higher education within 1 year.) The benefit for each qualifying student is 2% of the supplemental coverage paid each year student qualifies up to the maximum amount of $5000 per year, up to 4 years. If there are no dependent children, the insurance will pay a benefit in the amount of $1000 (For Bank Cap 10, Bank Cap and Bank Ultra)/$5000 (For Credit Union CAP and Bank Protect Plus).
Grief Counseling If the insured suffers an accidental death and he or she is survived by a lawful spouse and/or dependent children, we will pay an additional benefit for counseling services for the insured’s dependents within 1 year of the insured’s accidental death. Upon our receipt of proof of such counseling sessions, we will pay up to $50 per counseling session, limited to 10 sessions for all covered dependents combined.
Accidental Hospital Indemnity  (*Not available in FL, KS, KY, MN, NY, ND, and WA) If as a result of a covered accident, the primary insured or a covered person is confined to a hospital for more than 7 consecutive days, the insurance provides a benefit of 1% of the additional coverage monthly retroactive to the first day, up to $2,500 a month, and 1/30th of the monthly benefit for each day of a partial month. This benefit is paid after a 7 day waiting period for a maximum of one year for each separate hospital stay. Confinement must occur within 30 days of the covered accident.
Total and Permanent Accidental Disability Benefit (replaces the Accidental Hospital Indemnity in FL, KS, KY, MN, NY, ND, and WA)

 

 Pays a monthly benefit equal to 1% of the amount of additional coverage, up to the maximum of $50,000, should the insured suffer a total and permanent accidental disability as defined in the Insurance Coverage Document.

Exclusions

The attached link will open a webpage with information about each of our products.

The “summary of benefits” link found at the bottom of the page will reveal additional benefits information and applicable exclusions content that will help answer questions.

Please ensure the use of the appropriate content for residents of the different states and the applicable carrier since they vary by state