The benefits of BLET Life Insurance

When it comes to life insurance, you have several options, and deciding which one to choose can seem overwhelming.

One of the best options out there comes from BLET Life Insurance, with its optional term policy that provides you with huge benefits, depending on your situation and needs. If you think this may be the right option for you, keep reading to learn all about the benefits of BLET Life Insurance!

What is BLET Life Insurance?

This insurance protects you and your family financially, in case something should happen to you. If there is a permanent disability or dismemberment, medical bills or funeral expenses could add up quickly.

The good news is that life insurance covers these costs, so your family can focus on recovering from an accident rather than stressing about financial matters. Not only that, but some health insurances don’t cover full expenses related to traumatic accidents; BLET life insurance fills in those gaps, too.

It’s flexible: If a loved one has died suddenly, it can be difficult to come up with large sums of money all at once.

Why should I get life insurance?

Life insurance is not for everyone, but there are many reasons to consider it. If you have a family who relies on your income, getting life insurance can provide them with financial security if something happens to you.

For example, if a breadwinner dies in an accident or illness, someone else may need to leave work to care for his or her children. Without a paycheck coming in, that family will struggle financially—but life insurance could help alleviate some of those concerns by replacing their loved one’s lost income until they’re able to return to work and stabilize their finances again.

To find out whether it makes sense for you, ask yourself these questions:

Are my current savings and investments enough to support my family should I die unexpectedly?

Would my spouse be eligible for any type of survivor benefits from Social Security?

Do I have anyone depending on me financially?

How would they pay bills like mortgages and car payments without my income?

How quickly could my beneficiaries use up all my savings if I were to pass away?

Who can apply for a plan?

People who are currently employed by a participating Railroad can apply for coverage. You may be eligible to enroll even if you aren’t currently working, and if you leave employment but continue to pay your premiums, you will retain your insurance coverage.

In most cases, to enroll in BLET’s life insurance plan, you must be at least 18 years old and a U.S. citizen or resident alien.

If you were born before July 1, 1938, or reached age 62 or older before July 1, 2010 (and meet certain other requirements), then you must have qualifying railroad service before enrolling in our group life insurance plans.

How do I buy a plan?

Your coverage amount is paid to your beneficiaries (or estate) on an accelerated basis. In most cases, your beneficiaries will receive an initial check for two-thirds of your death benefit within two months after you pass away.

The final one-third is sent at maturity. The money is not subject to any further taxation or investment restrictions; it’s distributed as part of your probate estate.

You may also elect a family income rider if you are employed and have access to group term life insurance through an employer group plan or another qualified source, in which case, proceeds will be paid overtime until you reach age 65 or at the termination of employment, whichever comes first.

What are the benefits of a plan?

The BLET Consolidated Term Life insurance plan offers security and protection for your family during a time of great need. There are also plenty of ways to customize it to meet your needs, so no matter what you want out of life, we can help you achieve it with an affordable term life plan.

With these policies, you have flexibility over how much coverage you want and how long you’d like that coverage for—you can even choose term-to-term, increasing or decreasing your life insurance at any time.

However, be sure to review all policy details with an independent agent to make sure that term life is right for you. Learn more about all types of insurance by speaking with one today!

When will I receive my plan coverage amount, in case I pass away before maturity?

It’s crucial to plan for a good retirement. If you should pass away before your plan matures, who will receive your money? If no beneficiary is listed, it will go to your estate; meaning someone else will decide how it is distributed.

Make sure to create a beneficiary designee so that all parties named on your beneficiary designation form agree with your decision. Your Social Security Administration can provide you with more information about beneficiaries and their rights.

What if I want to change plans later?

Changing your life insurance policy is a big decision, especially if you have dependents. That’s why it’s important to understand what happens when you make changes to your plan or pass away.

When you change plans (for instance, switching from whole life to term), any premiums you paid into your whole life that were used to pay your previous premiums must be returned or can be reinvested in a new policy.

It’s important to ask about how that money will be returned before deciding whether switching plans is right for you and if it does, what plan would benefit your family best in case something should happen.

Conclusion

So, to sum up, here are four important benefits to BLET Life Insurance:

you save money on your premiums with the level term;

you don’t have to be a member of Brotherhood of Locomotive Engineers and Trainmen to get a plan through them;

it can offer tax-free investment earnings;

and it can help you meet retirement savings goals.

If you’re interested in learning more about these or other features and applications, contact your local Brotherhood representative. They’ll be happy to assist you with any questions or concerns.