What Life Insurance Options does SDPEBA Have?
We offer three unique life insurance options: Aflac, Ethos, and individual plans. Each of these plans are quite different and have various levels of coverage. Note that we offer term, whole, and universal life insurance plans. Term life insurance covers you for a specific period of time, where whole life insurance and universal life insurance covers you for your whole life.
Aflac Life Insurance is whole life insurance that is offered at a reduced group rate. This is our least flexible plan, but also one of our easiest to get. When you sign up for Aflac’s life insurance plan, you’ll select a level of coverage and then you’ll get your rate. That rate is then locked, meaning, unless you make any changes, that dollar amount is the amount you’ll pay in perpetuity. This plan is limited, as it only covers up to $300,000 and does not have much in the room of flexibility. But that’s not necessarily a bad thing! What you see is what you get with the Aflac plan!
Ethos is an online life insurance platform that we partnered with in order to provide our members with a faster and easier way to get coverage. With Ethos you can get term or whole life insurance. Ethos plans offer different coverage amounts based on what you qualify for and have specific rates tailored to you. The best part about Ethos is that you can get a quote in minutes just by taking an online survey. (Ethos has age requirements that differ between plans and is only available for individuals aged 18-86).
Individual plans or custom plans are plans individually underwritten by one of our life insurance specialists. To get one of these plans, you’ll need to book a meeting with our life insurance team, so yes, this plan takes the longest to get. But in the end, you will be able to get your perfect plan.
Which Plan is Right for Me?
Aflac Life Insurance: Since this plan is on a fixed rate, it can be a great deal for anyone. We recommend you look at the rate sheet and check if a plan like this could fit into your budget. We especially recommend this plan to our younger members, since it will cost less and will follow you even if you switch careers.
One of the main draws to this plan is that it doesn’t expire. Term-life insurance plans are often cheaper and have bigger payouts, but they don’t cover you past a certain age. Whole life insurance does.
Ethos: Since Ethos is customizable and generates plans based on the answers to your questionnaire, it’s hard to answer this question. I think, at the end of the day, if you’re in the market for life insurance this is a great place to at least check. You can also schedule a call with our life insurance experts, and they can chat with you about your options as an SDPEBA member.
Individual Plans: It really depends on where you’re at, we think that this option is good for just about anyone, but it’s especially good for people who are younger and healthier compared to our other group rate options.