November, 23 2017

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Union Plus Life Insurance Review

Union Plus Life Insurance Review

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Union Plus Life Insurance Review

Pros: Convenience– The Term-to-70 Insurance product doesn’t require a health exam for coverage amounts under $150,000.  Strike Assistance– Premiums are waived for up to 3 months if the insurered is involved a union-sanctioned strike lasting for 30 days (for eligible states and unions).

Cons: Expensive– In most cases, the coverage is more costly than what is available on the open market.  Not locked in– The prices on the Term-to-70 product increase every 5 years. Limited Amount of Coverage– The largest policy available is $250,000 which may not be enough protection.

Bottom Line: Life Insurance offered by Union Plus which is underwritten by The Hartford Life and Accident Insurance Company is convenient for coverage amounts under $150k on their Term-to-70 product since it doesn’t require a health exam.  The drawback on group life insurance is value.  In most cases, one can get more life insurance at a lower price (take a look at the price comparisons below) and at fixed rate for up to 30 years by purchasing a policy on the open market outside of the group.  As with all the life insurance companies we review, we recommend that you receive a quote from Union Plus and compare it to the other life insurance policies available on the open market and choose the best one for you.

Price Comparisons

Term-to-70 Price Companions Union Plus vs Competition

45-Year Old Male $250,000 at Pref Plus Rating Class

Union Plus=$60.50 month, MetLife=$19.26 month, Protective Life=$18.42 month, Genworth=$19.47 month, Transamerica=$20.56 month

10 Year Term Price Comparisons Union Plus vs Competition

45 Year Old Male, 10 Year Term, $200,000 at Pref Plus Rating Class

Union Plus=$30.40 month, Ohio National=$16.00 month, ReliaStar=$18.46 month Banner Life=$20.13 month, AIG-$22.58 month

 About

Issued by: The Hartford Life and Accident Insurance Company

Founded: 1986 (Union Plus)

Website: www.unionplus.org

Phone: (800) 393-0864 (The Hartford)

Address: Union Privilege, 1100 1st S NE, Washington, DC 20002

A.M Best Rating: A (Excellent) Third highest of 16 possible ratings (The Hartford)

Comdex Ranking: 77 out of 100 (The Hartford)

BBB Rating: B+  (The Hartford)

Life Insurance Products: Term-to 70 Life Insurance, 10-Year Term Life Insurance, Senior Term Life Insurance, Accidental Death & Dismemberment.

Competitors: Ullico-Union Labor Life Insurance Company-UnionCare, American Income Life-AIL, Columbus Life Insurance Company, PennMutual, MetLife, Assurity, Sagicor Life Insurance, Western National Life Insurance Company, Pacific Life Insurance Company, Nationwide, Globe Life Insurance, UNUM, Mutual of Omaha Insurance Company, Northwestern Mutual Life Insurance, New York Life, TIAA-CREF, MassMutual, Country Financial, Liberty Mutual, John Hancock, Ohio National Life, Principal, State Farm, Farmers, Allstate, American General Life-AIG, Banner Life, Protective Life, Primerica, Genworth Life, North American Co, Lincoln National Life, ING-ReliaStar, Transamerica, Prudential, Midland, Cincinnati Life, ANICO, TIAA-CREF, Securian, Guardian, OneAmerica, Sagicor, Amica, Minnesota Life, RiverSource, Allianz Life Insurance Company, AAA, Erie, Thrivent Financial for Lutherans, EMC National Life, Motorists Life, Pan-American Life, National Life Group, Shelter, HoraceMann, Group Life Insurance, Supplemental Life Insurance, Aflac, Voluntary Life Insurance, Baltimore Life, Security Mutual Life, SBLI,Foresters, 5 Star Life Insurance Company, Oxford, Americo, United Home Life, Monumental, Funeral Advantage, Standard Life, Colonial Penn, AARP.

Union Life Insurance for: AAAA-Actors and Artistes, AEA-Actors’ Equity, AFA/CWA-Flight Attendants, AFGE-American Federation of Government Employees, AFL-CIO Employees, AFM-Musicians, AFSA-American Federation of School Administrators, AFSCME-American Federation of State County and Municipal Employees, AFT-Teachers, AFTRA-American Federation of Television & Radio Artists, AGMA-American Guild of Musical Artists, ALPA-Air Line Pilots Association, APWU-American Postal Workers, ATDA-American Train Dispatchers Association, ATU-Amalgamated Transit Union, BAC-International Union Bricklayers Allied Crafters, BCTGM-Bakery Confectionery Tobacco Workers, BLET-Locomotive Engineers, BMWE-Brotherhood of Maintenance of Way Employees, BRS-Brotherhood of Railroad Signalmen, CIWA, CSEA-California School Employees, CWA-Communications Workers of America, GCC/IBT-Graphic Communications, GIAA-Italian American Employees, GMP-Glass Molders Pottery Plastics and Allied Workers, HFIU-Heat and Frost Insulators Union, IAFF-Fire Fighters, IAM-International Association of Machinists and Aerospace, IATSE-International Alliance of Theatrical Stage Employees, IBB-IntL Brotherhood of Boilermakers Iron Ship Builders, IBEW-International Brotherhood of Electrical Workers, IBT-Teamsters, IFPTE-International Federation of Professional and Tech, ILA-Longshoreman, ILWU-International Longshore and Warehouse Union, IRON-Iron Workers, IUEC-Elevator Constructors, IUE-CWA, IUJH-Horseshoers, IUOE-Operating Engineers, IUPA-International Union of Police Association, IUPAT-International Union of Painters and Allied Trades, Laborers’ International Union of North America, MEBA- Marine Engineers, NABET, NALC-Letter Carriers, NATCA-Air Traffic Controllers, NFLPA-Professional Athletes, NPMHU-Mail Handlers, OPEIU-Office and Professional Employees, PLATE-Plate Printers, Die Stampers & Engravers Union, RGWA-Rio Grande Workers Alliance- RWA-United Union of Roofers, Waterproofers and Allied, RWDSU-Retail Wholesale and Department Store Union, SAG-Screen Actors, SEIU-Service Employees International Union, SIU-Seafarers, SMWIA-Sheet Metal Workers International Association, TNG-The Newspaper Guild, TWU-Transport Workers, UAN-United American Nurses, UAW-Auto Workers, UFCW-United Food and Commercial Workers International, UFW-United Farm Workers of America AFL CIO, UIW/SIU, UMWA-United Mine Workers of America, UNITE-UNITE HERE, USW-Steelworkers of America, UWUA-Utility Workers, WGAE-Writers Guild of America East Inc.

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Summary
Review Date
Reviewed Item
Union Plus Life Insurance Product
Author Rating
2