6. Premiums are paid through automatic payroll deduction, so you don’t have remember to send in a payment each month.
7. Monthly premiums are tiered based on age bands from ages 30 – 70 and range from $24 per thousand at age 30 to $1,439.50 per thousand at age 70. (Rates will increase as you enter a new age band.)
8. Coverage ends when you terminate employment, retire or disenroll from the insurance plan, stop paying your premiums or if you are on unpaid leave/furlough/absence for more than 30 days.
9. You have 30 days to convert your policy out from under the group plan and all the policy details and premiums remain the same. (Should you die within the 30-day conversion period, the death benefit will still pay out to your beneficiary.)
10. When it the time comes to make a claim, contact Lockheed Martin Employee Service Center at (866) 562-2363 or (201) 242-4397.
Now you have the top 10 key things to know! Be sure to enlist the assistance of an advisor to determine your insurance needs so that you can apply for the proper amount of your Lockheed’s Group Life insurance.
* Eligibility – An active full-time salaried employee not covered by a collective bargaining agreement· An active part-time salaried employee not covered by a collective bargaining agreement who is regularly scheduled to work 20 hours or more a week· An employee in any bargaining unit which has adopted this plan
For more tips like these, click here to sign up for our weekly email blog newsletter. If you would like to get better educated on Lockheed retirement strategies, click here to download our Free Report titled Retire with Confidence: The Top 4 Things You Can Do Now to Maximize your Lockheed Retirement. And, if you want to have face time with a Lockheed Retirement Specialist², you can click here to schedule an appointment, click here to sign up for our Lockheed Retirement Workshop or click here to just give us a call (817) 210-3444.
Be sure and check back next week for more incredibly valuable information. Cheers!
Financial Planning and Investment Advisory offered by SWMG, LLC a Registered Investment Advisor.
Lockheed Martin Retirement Specialist is not an official title or professional designation nor is it conferred by Lockheed Martin on any individual or company.
Our Complementary consultation and free report are for informational purposes only and provided free without any obligation to utilize or retain our investment advisory services.
SMWG, LLC is not affiliated with or endorsed by Lockheed Martin Corporation. Our expertise comes from working with LMT employees for several years and helping them to retire with confidence.
Investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. Investment products are not FDIC insured, have no bank guarantee, and may gain or lose value. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable for a client’s investment portfolio.