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Understanding Term Life Insurance Options for Harsco Employees: A Guide to Navigating Your Coverage Choices

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Healthcare Provider Update: Healthcare Provider for Harsco Harsco Corporation, a global supplier of industrial services and engineered products, typically partners with prominent healthcare providers for employee health plans. Among the notable providers, Aetna often serves as a primary healthcare partner, offering comprehensive health insurance solutions, including medical, dental, and wellness programs tailored to the needs of Harsco employees. Potential Healthcare Cost Increases in 2026 As we look to 2026, healthcare costs are anticipated to surge significantly, driven by a confluence of factors. With many states facing imposed premium hikes of over 60%, particularly for Affordable Care Act (ACA) marketplace plans, employees of Harsco may experience drastic changes in their out-of-pocket healthcare expenses. The potential expiration of enhanced federal premium subsidies will amplify these increases, with more than 22 million enrollees projected to see monthly costs rise by an average of 75%. Coupled with escalating medical costs and aggressive rate adjustments from top insurers, navigating the healthcare landscape will require strategic planning to mitigate financial impacts. Click here to learn more

What Is It?

Temporary, Pure Insurance

If you are a Harsco employee seeking insurance alternatives, you may benefit from purchasing term life insurance. Term life insurance provides life insurance coverage for a specific time period (term). It is often referred to as temporary insurance or pure insurance, in that there is no cash value in the policy. The face amount of the policy is paid if you die during the term of the policy. As a Harsco employee, it is important to note that for this type of insurance, nothing is paid when you live longer than the coverage term. 

Caution:  Any guarantees associated with payment of death benefits, income options, or rates of return are based on the claims-paying ability of the insurer. Policy loans and withdrawals will reduce the policy's cash value and death benefit.

When Can It Be Used?

High Insurance Need, Low Cash Flow

For Harsco employees, term insurance is appropriate when there is a high need for insurance but not much cash flow to pay for it. For example, a young family with limited cash resources may have a great need for survivor income to provide for living expenses and education needs. Term insurance is especially helpful here, allowing the family to buy insurance protection with minimal cash outlay.

Short-Term Coverage

Term insurance is well suited to cover short-term needs, such as coverage during your working years, the college years, or for the duration of a loan or mortgage. Generally, a short-term need is considered to last 10 years or less and may include coverage for nonrecurring business-debt security, key person coverage in a start-up business, or the young family just starting out. As a Harsco employee it is important to account for this information when in need of coverage or when planning your short-term financial strategies.

Strengths

Low Cost for Large Death Benefit (At Least In Younger Years of Life)

For Harsco employees, term insurance is generally the most efficient way to achieve maximum life insurance protection for a minimum current cash outlay. When you are young and just beginning your career or family, you may have a need for insurance but not much cash to pay for it. You can usually buy a larger death benefit for less cash with a term policy than you could get with any other type of life insurance policy.

Caution:  Term insurance starts out inexpensive when you are young, but the premiums generally increase at each renewal.

Flexible--You Can Buy Policy Based on Various Time Frames And Features

You can buy term insurance coverage for the time period that best suits your needs. Generally, Harsco employees can increase their coverage when their needs change, and renew the policy for an additional period. Increases in coverage may require new proof of insurability.

Policy Type

Feature

Drawback

Annual Renewable Term Coverage for one-year time frame

Policy automatically renewable each year up to specified age

May have limit on number of renewals Premiums may increase with each renewal

Renewable Term Coverage is for a specific period, usually 5 to 20 years

Policy automatically renewable through end of term with no new application or medical exam, even if health has deteriorated

Renewable for same amount of coverage or same term may not be available. Premiums increase with each renewal

Level Premium Term Coverage is for a specific period, usually 5 to 20 years or until a predetermined age

Premium guaranteed to remain same for policy term

Premiums may increase sharply at end of term when new policy must be applied for

Decreasing Term Used to cover mortgage or other debt where balance decreases over time

Premiums remain level, but death benefit decreases each year over term

General insurance needs tend to increase over time due to inflation

Convertible Term

Allows you to convert term policy to another type of policy offered by issuing company

Premiums usually cost more than annual renewable term

Tradeoffs

Premiums Increase At Each Renewal And Get More Expensive With Age

As a Harsco employee, you may want to consider how a term policy has an endpoint, like an expiration date. When the coverage period ends, you may have the option to renew the policy depending on specific policy and limitations. Each time you renew the policy for an additional term of coverage, the rate generally increases because your age (and consequently the insurance company's risk of paying the death benefit) has increased. Eventually, you could be paying more in premiums for term coverage than if you had bought a whole life policy from the beginning. For fortune 500 employees, the increasing premium costs can make term insurance expensive when conducting financial planning for the long-term.

You can start with convertible term insurance in the early years of your career, marriage, or family. When cash is a little less scarce, convert to permanent life insurance such as whole life, universal, variable, or variable universal.

Most Policies Automatically Terminate At Certain Age

Most term policies automatically terminate at a certain age, often 65 or 70, and most people will outlive the term of the insurance. As a Harsco employee, you may want to keep in mind that term policies pay a benefit only when you die during the coverage period. When you live longer than the term of the insurance, your beneficiary receives nothing. There are policies available that are renewable until age 90 or 95. For fortune 500 employees, applying this information is imperative in order to obtain the best coverage option and avoid being left shorthanded.

Some policies also offer a return of premium feature whereby the premiums you paid are returned at the end of the policy term, presuming the death benefit hasn't been paid. If you are a Harsco employee and want a policy where you can be covered for your entire life, consider one of the permanent cash value policies such as whole life, variable life, universal life, or variable universal life.

How to Do It

Determine Your Life Insurance Need And Overall Financial Goals

As a Harsco employee, you need to know how much insurance you need prior to purchasing the policy. Insurance need is based on numerous factors, including your current age and income, marital status, number of incomes in the household, number of dependents, long-term financial goals, level of outstanding debt, and existing insurance and other assets. For fortune 500 employees, your overall financial, estate, and tax-planning goals should be considered as part of your insurance need evaluation.

Tip:  Consult with your financial advisor concerning your need for insurance. Some of the calculations can be complicated.

Complete The Insurance Application And Name Your Beneficiary

Before the insurance company can issue your policy, it must receive a completed application form. For Harsco employees, the application includes general health questions, and the process may include a physical examination, which is usually paid for by the insurance company. A critical part of the application is the beneficiary designation--the naming of the person or persons to receive the policy proceeds when you die. Unless you make an irrevocable beneficiary designation, you can change the beneficiary designation by adding or removing a beneficiary or by changing the percentages of the proceeds distribution.

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Buy The Policy And Pay Your Premium

It is all well and good to know how much insurance and what type of policy is appropriate for your particular situation, but if you don't actually buy the policy, you haven't accomplished your goal! In addition to that, Harsco employees must account for how insurance becomes more expensive with age, meaning delays in policy purchase usually result in unnecessary spending. An additional risk of delaying is that your health could change adversely.

As a Harsco employee, just because you are healthy and insurable today doesn't mean you will be that way later. Deterioration in your health can mean higher premiums or an insurer considering you to be uninsurable.

Review Your Insurance Need Periodically

The amount of life insurance you need may change over time and with the occurrence of lifetime events. Those employed in Harsco companies should periodically review their life insurance coverage. As a rule, you should review your coverage every three years. Major lifetime events (such as the purchase of a home, birth or adoption of a child, marriage, or divorce) are also appropriate times to review your coverage. By routinely checking your insurance need, you can prevent the mistake you can't fix after you die: not having enough life insurance.

Tax Considerations for Harsco Employees

Income Tax

Premium Payments Not Deductible

Life insurance premium payments are generally not tax-deductible expenses.

Death Benefits Generally Not Subject To Federal Income Tax

Policy death benefits are generally not subject to federal income tax. One notable exception is when the policy has been sold or otherwise transferred for valuable consideration by one policyowner to another, subjecting it to the transfer-for-value rule.

Gift And Estate Tax

Policy Proceeds Not Considered Gift to Beneficiary

When the proceeds of your life insurance policy are paid to a beneficiary, they are not treated as a gift for gift tax purposes.

Policy Premium Payments Generally Not Subject to Gift Tax

When you are the owner of a policy on your own life, with another party as the beneficiary, premium payments made by you are not considered a gift to the beneficiary for gift tax purposes. If, however, someone else pays the premiums on a policy you own, of if you pay the premiums on a policy owned by another, the premium payments are considered a gift and may be subject to gift tax. For Harsco employees, policy premiums generally qualify for the annual gift tax exclusion.

Policy Proceeds Included In Estate Value In Some Cases

For Harsco employees, the proceeds of a life insurance policy are included in the value of your estate if you held any incidents of ownership at any time during the three years before your death, or if the proceeds are payable to you or your estate or executor. Incidents of ownership include (among other things) the right to change the beneficiary, take out policy loans, or surrender the policy for cash.

Policy Proceeds Often Exempt From State Inheritance Tax

In many states, life insurance proceeds are exempt from state inheritance taxes.

Questions & Answers for Harsco Employees

If You Are Covered Under a Group Life Insurance Policy Through Your Employer, Do You Still Need A Personal Policy?

As a Harsco employee, you should have your own policy outside the group coverage provided by your employer. The policy through your current employer is more than likely not portable--meaning that when you leave the company, your life insurance coverage will not go with you. It is very common for those in Harsco to change jobs numerous times during their career. Even if you plan to stay with your current job until retirement (assuming your job exists that long), what will you have for coverage afterward? The best way to make sure your family is provided for when you die is to have your own insurance coverage in addition to any provided by your employer. While conversion coverage may be available, it may be expensive and it may offer limited coverage. In addition, it may not meet all of your coverage needs.

Can Your Spouse Own a Policy on Your Life And Name Your Child As Beneficiary?

This can be done, but it shouldn't be. When the insured, the policyowner, and the beneficiary are three different parties (sometimes referred to as the 'unholy trinity' or the 'Bermuda triangle'), the death benefit is subject to gift tax.

Can You Name Your Spouse As The Beneficiary on Your Life Insurance Policy If He or She Is Not A U.S. Citizen?

You can, but there could be estate tax consequences. When your spouse isn't a U.S. citizen and is the beneficiary on your life insurance policy, the death benefit isn't protected by the unlimited marital deduction.

Should You Buy Life Insurance on Your Children?

In some instances it is advisable for those in Harsco companies to buy life insurance on their children, but it shouldn't be done until the appropriate levels of coverage are in place on the lives of the family breadwinner(s), and a spouse is engaged in caring for the children.

Should You Buy Term Insurance or Cash Value Life Insurance?

It depends upon your personal circumstances as a Harsco employee. The first issue to resolve is not what type, but how much life insurance you should buy, and how long your coverage is needed. Once you can answer the quantifiable insurance question, you can move on to the financial aspect. It is possible that the amount of coverage you need as a Harsco employee is so large that the only affordable way to get the coverage is with lower-premium term insurance. If you can afford the needed coverage with either type of policy, then you should think about the financial aspect of which type of policy to buy, considering such factors as your tax bracket and the rate of return you could receive on alternative, similar risk investments.

Is Mortgage Protection Term Insurance Different From Term Life Insurance?

Yes. With mortgage protection term insurance, the policy is designed so that the coverage decreases over time to match the reduction in the amount of the mortgage loan. The premiums, however, remain the same throughout the payment period, which tends to be shorter than the actual coverage period. Level term life insurance policies provide a consistent coverage amount.

Should You Buy Term Insurance And Invest The Difference?

While it sounds good in theory, most people who opt for a lower-premium term policy with the intention of investing the difference between that and a higher premium cash value policy never actually make the investment! First, you must establish that term or temporary life insurance is the best option for you. If you also need to create or continue a savings program for future use, such as retirement or college education expenses, try committing a certain amount to savings in addition to paying life insurance premiums. For Harsco employees, an alternative might be to set up an automatic transfer with the bank, where a fixed amount each month is directed into a savings account or plan. Another alternative might be to buy the cash value policy and take advantage of the forced savings built into the premiums for a cash value policy.

Should You 'Invest' In Insurance?

As a Harsco employee, it generally isn't a good idea to buy insurance unless you need it. If you want to invest money, many options are available. When you need insurance, there are policy types available that can serve the dual purpose of insurance protection and cash value investments. The bottom line is, don't buy insurance because you are looking for an investment--buy insurance because you need the protection.

How does the Harsco Pension Scheme ensure that investment strategies align with the financial goals of its members, and what measures are in place to assess the adequacy of these strategies over time? Given the complexities involved in managing a pension scheme, understanding the decision-making processes and the criteria for evaluating fund performance is crucial for members to make informed retirement choices.

Investment Strategy Alignment: The Harsco Pension Scheme ensures that its investment strategies align with members' financial goals by regularly reviewing its Statement of Investment Principles (SIP) and adjusting strategies based on quarterly performance monitoring. The Trustees use tools such as LCP Visualise to track investment returns and funding levels, ensuring the Scheme is on track for full funding by 2025. This review process helps guarantee that the investment strategies are adequately meeting long-term goals and adapting to market conditions​(Harsco Pension Scheme_3…).

In what ways does the Harsco Pension Scheme engage with its investment managers to ensure transparency and stewardship in voting on significant shareholder resolutions? Exploring how Harsco collaborates with these managers can shed light on the efficacy of decision-making and the importance of governance in the scheme's investment practices.

Engagement with Investment Managers: The Harsco Pension Scheme engages closely with its investment managers, delegating stewardship activities like voting on shareholder resolutions. These managers, such as BlackRock, follow rigorous voting and engagement policies, which are reviewed regularly. The Trustees ensure transparency by monitoring managers’ ESG integration and voting behaviors and by addressing significant issues, such as modern slavery or climate risks​(Harsco Pension Scheme_3…).

What are the specific retirement benefits available to employees under the Harsco Pension Scheme, and how can members customize their retirement strategies to fit their individual needs? This question addresses the diversity of retirement options and the potential for tailoring plans to meet unique financial situations.

Retirement Benefits Customization: The Harsco Pension Scheme offers a range of retirement options, including default and self-select investment options that reflect member demographics and retirement preferences. Members can customize their retirement strategies through diversified funds, ensuring their investments are aligned with individual needs. The default strategy has been reviewed to ensure appropriateness for the majority, with options for drawdown, lump-sum withdrawals, or annuity purchases​(Harsco Pension Scheme_3…).

How does the Harsco Pension Scheme handle the changing demographics of its membership, especially in terms of investment risk and available retirement options? Understanding how the scheme adapts to demographic trends can help employees anticipate changes that may affect their retirement savings and strategies.

Adapting to Demographic Changes: The Trustees monitor demographic trends and adapt the Scheme’s investment strategies accordingly. For example, as the Scheme matures, the investment allocation moves towards lower-risk assets to reflect the changing membership profile. Regular reviews ensure the Scheme adapts to the evolving needs of its members, helping to reduce risk while maintaining adequate returns​(Harsco Pension Scheme_3…).

What is the process for Harsco employees to access their pension statements, and how frequently are these updates provided to ensure that members stay informed about their retirement savings progress? Regular communication about contributions and growth can significantly impact an employee's comfort level when planning for retirement.

Pension Statement Access: Harsco employees can access their pension statements through regular updates provided by the Trustees, typically on a quarterly basis. These statements, including detailed reports of contributions, investment growth, and progress toward retirement goals, help members stay informed and make adjustments as necessary​(Harsco Pension Scheme_3…).

How does Harsco incorporate Environmental, Social, and Governance (ESG) considerations into its investment philosophy, and what impact do these principles have on the pension scheme’s performance? A deeper examination into these aspects may enhance employee understanding of socially responsible investing trends within their pension fund.

ESG Considerations: The Harsco Pension Scheme integrates Environmental, Social, and Governance (ESG) principles into its investment strategy, regularly assessing its managers’ ESG practices. These assessments include human rights, climate change, and CEO pay ratios, ensuring that investments are socially responsible and aligned with long-term sustainability goals​(Harsco Pension Scheme_3…).

What are the implications of the current IRS limits on contributions to retirement plans for employees participating in the Harsco Pension Scheme in 2024? Recognizing how these financial regulations impact personal contributions and matching funds can empower employees to maximize their retirement funding strategies.

IRS Limits Impact: The current IRS limits on contributions to retirement plans, such as those applicable in 2024, directly impact Harsco employees by capping how much they can contribute tax-free. Understanding these limits helps employees plan their contributions to maximize employer matching and ensure they take full advantage of their retirement benefits​(Harsco Pension Scheme_3…).

With regards to the ongoing performance evaluations, what benchmarks does the Harsco Pension Scheme utilize to measure the success of its investments, and how are these benchmarks selected? This insight can help employees understand the performance metrics that drive the long-term viability of their pension scheme.

Benchmarking Investments: The Harsco Pension Scheme uses various benchmarks to assess the performance of its investments. These benchmarks are selected based on expected risk and return profiles and are reviewed quarterly. Monitoring against these benchmarks ensures that the Scheme’s strategies remain aligned with long-term funding goals and adapt to changing market conditions​(Harsco Pension Scheme_3…).

How can Harsco employees obtain more information on the specific investment options available within the pension scheme, including the associated risks and potential returns? Access to comprehensive investment literature is essential for employees to make well-informed decisions regarding their pension scheme participation.

Investment Options and Information: Harsco employees can obtain detailed information about their pension’s investment options, including the associated risks and potential returns, through regular reports from the Trustees and investment consultants. This transparency allows employees to make informed decisions about their pension participation​(Harsco Pension Scheme_3…).

What is the preferred method for employees to contact Harsco to gain further clarification on their questions about the pension scheme, and what resources are available for them during the retirement process? Clear communication channels and support mechanisms are vital as employees navigate their retirement preparations. These questions are designed to provoke thought and discussion around the operations, benefits, and governance of the Harsco Pension Scheme while providing employees with a foundation for understanding their retirement options.

Communication Channels: Employees can contact the Trustees of the Harsco Pension Scheme for clarification on pension-related questions through established communication channels. Resources, including personalized financial advice and regular meetings with investment managers, are available to assist employees during the retirement planning process​(Harsco Pension Scheme_3…).

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Name of Pension Plan: Identify the name of the pension plan. Years of Service and Age Qualification: Determine the requirements for employees to qualify for the pension plan. Pension Formula: Understand how the pension is calculated. Company 401(k) Plan: Name of 401(k) Plan: Identify the name of the 401(k) plan. Qualification for 401(k) Plan: Determine who qualifies for participation in the 401(k) plan.
Harsco announced a significant restructuring plan in early 2023 aimed at streamlining its operations and reducing costs. This included a series of layoffs across various divisions. The company projected that these measures would improve operational efficiency and align with its strategic goals.
Harsco offers stock options and RSUs to its employees as part of its compensation package. The company's stock options are designated as SOs, while RSUs are referred to as RSUs. For the years 2022, 2023, and 2024, Harsco has made stock options and RSUs available to key employees, including executives and high-performance staff.
Harsco’s official website, the benefits section details various health benefits, including medical, dental, and vision coverage. They offer a range of plans including PPO and HDHP (High Deductible Health Plans) with HSA (Health Savings Accounts) options. They also provide wellness programs, mental health resources, and employee assistance programs. Company Reviews and Job Boards: Sites like Glassdoor and Indeed reveal employee reviews about Harsco’s health benefits. Many reviews mention the company’s competitive benefits package, including health insurance, dental, and vision plans. However, some employees noted that the benefits could be improved, particularly in terms of coverage and cost. Industry Reports: Industry reports and compensation studies indicate that Harsco’s health benefits are generally in line with industry standards. The company provides a range of healthcare options with a focus on comprehensive coverage and preventive care.
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