Quick Answer: What Is NEA Insurance?

What is a double indemnity?

Double Indemnity — payment by a life insurance policy of two times the face value when death results from an accident (e.g., an auto accident) as opposed to a health problem (e.g., cardiac arrest)..

What is NEA complimentary life insurance?

NEA Complimentary Life Insurance is life and AD&D insurance guaranteed to active, staff, reserve and life members at no cost to you. Student members are not covered. Coverage is automatic; however, members are encouraged to register a beneficiary with NEA Member Benefits.

What does NEA stand for?

National Education AssociationThe National Education Association (NEA) is the largest labor union and the largest white-collar representative in the United States.

What happens to term life insurance if you don’t die?

If you outlive your term life insurance policy, the money you have put in, will stay with the insurance company. … The premiums paid by those who don’t die while their policies are in force will ultimately be used for life insurance payouts to the families of those who were not as lucky to have outlived their policy.

How much is NEA complimentary life?

The following coverage is provided at no cost to eligible NEA members: $1,000 group term life insurance. Up to $5,000 accidental death and dismemberment insurance. $50,000 accidental death & dismemberment insurance for any covered accident that occurs while on the job or serving as an Association leader.

Do you get your money back at the end of a term life insurance?

If you outlive the policy, you get back exactly what you paid in (with no interest). The money back is not taxable. With a regular term life insurance policy, if you are still living when the policy expires, you get nothing back.

What are the 3 types of life insurance?

There are three main types of life insurance: whole life, universal life, and term life insurance. In each of the three broad types, there are many variations of each but we will take a look at the broad categories while pointing out a few of the finer points of each type.

Why should I join NEA?

As part of your local association, you can fight for professional pay, health care, and retirement security so a career in education is a viable profession. Your local association helps you advocate for access to high-quality professional learning and increased collaboration time so you can improve your practice.

How much life insurance do teachers get?

If teachers are members of the NEA (or other local / state teaching organizations) there is an optional life insurance benefit available through them, with benefits being around $100,000 in term insurance. But a total of $150,000 is rarely enough for most people.

What is NEA members insurance trust?

For over 50 years, the NEA Members Insurance Trust has been creating exclusive, economical life insurance products for NEA members. Our goal is to offer you quality insurance products, superior service, broad accessibility and competitive pricing thanks to the buying power of over 3 million members.

Do teachers get life insurance?

If teachers are members of the NEA (or other local / state teaching organizations) there is an optional life insurance benefit available through them, with benefits being around $100,000 in term insurance. But a total of $150,000 is rarely enough for most people.

What is the purpose of term life insurance?

Term life insurance guarantees payment of a stated death benefit to the insured’s beneficiaries if the insured person dies during a specified term. These policies have no value other than the guaranteed death benefit and feature no savings component as found in a whole life insurance product.