Providing economic security for your family if you pass away, become disabled, or experience an injury or illness is a major consideration in personal financial planning. Eligible employees receive 1x basic annual earnings up to a max of $50,000 of Basic Life and Accidental Death and Dismemberment (AD&D) coverage at no cost. Don’t forget to update your beneficiary designation if you experience a life change.
Voluntary Life and AD&D offer additional coverage for yourself, and/or for your spouse and children. Employees may buy coverage in $10,000 increments up to $500,000, not to exceed 7x your annual earnings. Spousal coverage is available in $5,000 increments up to $250,000, not to exceed 100% of employee Supplemental Life coverage. Child coverage is available in increments of $2,500 up to $10,000, not to exceed 100% of employee Supplemental Life coverage. A full benefit is payable for a dependent child who is 14 days to 19 years old or to 25 years old if a full-time student. No benefit is payable for a child from birth to 14 days.
Coverage is guaranteed issue up to certain limits, meaning no health questions are required. Evidence of Insurability (EOI) is required if electing over the guarantee issue amount or if electing after initial eligibility. EOI forms must be submitted within 30 days of election.
See plan documents or certificate booklet for additional information.