What is Life Insurance?
Life insurance provides a lump sum of money to beneficiaries upon death of the insured. It is intended to replace the deceased’s loss of current and some future income. Whether the insured dies of natural or accidental causes, his/her beneficiaries will receive lump payments. Life insurance can help:
- Replace the loss of future income
- Provide the ability for a spouse/partner to keep a home
- Allow a surviving partner to raise and educate children
- Unlike whole life insurance, term insurance has no cash value.
How to File a Claim
- The Trust Office must be notified when a covered individual pass away.
- The Beneficiary (or the Beneficiary’s authorized representative) must complete and submit IRS Form W-9 (Request for Taxpayer Identification Number and Certification) and a certified copy of the Death Certificate to the Trust Office. If the Beneficiary is a Trust, a copy of the Trust instrument and all amendments, if applicable, must be submitted to the Trust Office.
- Upon notification and receipt of the required documentation, the Trust Office will complete the necessary forms and transmit them together with the required documentation to Pacific Guardian Life.
Yes, if you are a current HSTA member, call the HSTA VEBA TRUST at 440-6940 or 1-800-637-4926 (neighbor islands) and request enrollment forms to be mailed to you. An Evidence of Insurability Form may need to be completed in addition to the enrollment form.
The insurance carrier makes that determination. They will inform you directly if your enrollment has been approved or denied. Upon approval, HSTA VEBA TRUST will enroll you.
No, the benefit amounts are set for the Basic Life Insurance according to your age. More coverage is available via Basic Plus Life Insurance. When your Basic Plus Life Insurance is approved by the insurance carrier; you will have both the Basic Life Insurance and the Basic Plus Life Insurance.
For all retirees the benefit amount is $2,000 and the monthly premium is $2.00.
No, spouse and dependent coverage are not available. However, Spouse coverage is available via the Basic Plus Life Insurance Plan.
Yes. Just remember, in order to continue your Long-Term Care Insurance, you must be enrolled in a life insurance plan.
For your convenience, premiums are paid via pension deduction.