Supplemental Life Insurance Employee Benefit Highlights
What is Supplemental Life Insurance?
Supplemental Life Insurance is coverage that "you" pay for, in addition to any Basic Life Insurance that your employer may provide to you. Life Insurance pays your beneficiary (please see below) a benefit if you die while you are covered.
Am I Eligible?
You are eligible if you are an active full-time employee.
When is it Effective?
Coverage goes into effect subject to the terms and conditions of the policy. If you enroll within 30 days of your hire date, it is effective the first of the month following 30 days of employment. (Example, hire date is 9/15/10, insurance will be effective 11/1/10).
How Much Supplemental Life Insurance can I Purchase?
You can purchase Supplemental Life Insurance in amounts of $5,000 increments. The maximum amount you can purchase is $500,000.
Am I Guaranteed Coverage?
Within the first 30 days of your full-time employment, you are guaranteed the right to purchase up to $50,000 of Supplemental Life Insurance - no medical information is required. You must provide evidence of insurability and be approved by the insurance company to receive coverage above the guaranteed amount. (If you choose to enroll outside of the first 30 days of hire, you will be required to complete an evidence of insurability for any amount purchased).
What is a Beneficiary?
Your beneficiary is the person (or persons) who receives a benefit payment if you die while you are covered by the policy. You must select you beneficiary when you complete your enrollment application; your selection is legally binding.
Can I Purchase Supplemental Life Insurance Coverage for My Spouse?
You may choose to purchase Supplemental Life Insurance coverage for your spouse in amounts of $5,000 increments, to a maximum of $250,000 (or 50% of your supplemental life). This coverage if available only when you elect coverage for yourself.
Your spouse has a guaranteed amount of up to $25,000 - no medical information is required. In order for your spouse to receive coverage above the guaranteed amount, your spouse must provide evidence of insurability. (If your spouse chooses to enroll outside of your initial eligibility, they will be required to complete an evidence of insurability for any amount purchased).
Can I Purchase Supplemental Life Insurance for My Children?
You may choose to purchase guaranteed Supplemental Life Insurance coverage in the amount of $10,000 for your child(ren) - no medical information is required. The guaranteed amount must be purchased when you are initially eligible. At all other times, you must complete an Evidence of Insurability to be approved by the insurance company.
Are There Other Limitations to Enrollment?
If you do not enroll within the first 30 days of your full-time hire date (initial eligibility), you will be considered a Late Entrant. Typically, late entrants must show evidence of insurability.
Can I Keep My Supplemental Life Insurance Coverage If I Leave My Employer?
Yes, subject to the contract, you have the option of converting or continuing your (and your dependents) Supplemental Life Insurance to you (and your dependents) own individual policy (policies).
Do I Have Access to My Life Insurance Prior to My Death?
Yes, if you are terminally ill with a 12 month life expectancy you may be eligible for the Accelerated Death Benefit. Accelerated Death Benefit proceeds is the amount the Life Insurance company pays you or your legal representative while you are living when it has been determined that you have a terminal condition (certain criteria must be met as stated in the policy). The remaining amount of your Life Insurance would be paid to your beneficiary when you die.
Do I Still Pay My Supplemental Life Insurance Premiums If I Become Disabled?
If you become totally disabled before age 60 and you are continuously totally disabled for at least 6 months, your Supplemental Life Insurance premium may be waived.
|As is standard with most term life insurance, this Supplemental Life Insurance coverage includes certain limitations and exclusions.
- The amount of your coverage may be reduced when you reach certain ages.
- This Benefit Highlights Sheet is an overview of the Basic Life Insurance being offered and is provided for illustrative purposes only and is not a contract. Only the insurance policy issued to the policyholder (your employer) can fully describe all of the provisions, terms, conditions, limitations and exclusions of your insurance coverage. In the event of any difference between the Benefit Highlights Sheet and the insurance policy, the terms of the insurance policy apply.
Accidental Death and Dismemberment Employee Benefit Highlights
What is Accidental Death and Dismemberment Insurance?
Accidental Death and Dismemberment insurance (AD&D) pays your beneficiary a death benefit if you die due to a covered accident while you are insured. It also pays you a benefit for certain accidental injuries.
- AD&D pays benefits for accidental loss of limbs, thumb and index finger, speech, hearing, and sight.
- AD&D covers losses that occur away from work or at work.
What Does AD&D Insurance Cover?
You (or your beneficiary) may receive benefits due to certain injuries or death from an accident. The covered injuries or death can occur up to 180 days of the date of the accident. The policy pays for:
- 100% of the amount of coverage you purchase in the event of accidental loss of life or two limbs or the sight of both eyes or one limb and the sight of one eye, or speech and hearing in both ears.
- 50% for accidental loss of one limb or sight of one eye
- 25% for accidental loss of thumb and index finger of the same hand or loss of speech or loss of hearing in both ears.
In addition to the benefits described above, your AD&D Insurance covers other significant injuries caused by accident. For a complete description, refer to your plan booklet.
Am I Eligible?
You are eligible if you are an active full-time employee and have purchased the Supplemental Life Insurance.