[Company name] provides eligible employees with basic life and offers supplementary voluntary life insurance.
Basic Life Insurance
Don't forget to designate a beneficiary in [platform]!
This coverage will be effective first of the month following date of hire for all benefit eligible employees.
Basic Life Benefit Amount
- Employee Basic Life
- 2x annual earnings* to a maximum of $000,000
- Employee Basic AD&D
- An amount equal to your Employee Basic Life Insurance*
*Benefits reduce to xx% at age 65, xx% at age 70; xx% at age 75; xx% at age 80
This employer paid Life and AD&D benefit is portable upon termination of employment. The minimum portability eligible Life Insurance amount is $00,000 with a maximum of the lesser of your total Life Insurance benefit in effect on the date you elect to port or $0,000,000.
Voluntary Life Insurance
[Company] offers voluntary life insurance administered through [Company] that each employee may purchase in addition to the Basic Life benefit provided. This benefit provides a lump-sum cash payment to a beneficiary upon the death of the insured.
For more information, please click the DOCUMENTS button.
Employees must be enrolled in order to elect coverage for a spouse and/or dependents.
If you're considering electing Voluntary Life, please keep the following in mind:
Guaranteed Issue (GI) - Initial Enrollment Opportunity Only.
- Employee: Up to $000,000
- Spouse: Up to $00,000
- Child: Maximum allowed for dependent coverage is $00,000
Maximum Amount
- Employee: Not to exceed 5x annual earnings and/or $000,000
- Spouse: Not to exceed $000,000 and 00% of employee coverage
- Child: Not to exceed $00,000
Increments
- Employee: $00,000 increments
- Spouse: $0,000 increments
- Child: $0,000/$0,000/$0,000/$0,000/$00,000
Other Important Notes
- If electing an amount over GI, you would need to fill out an EOI (Evidence of Insurability) form.
- If you waive life insurance during this open enrollment and you decide later through a Qualifying Event to elect, you must fill out an EOI (Evidence of Insurability) form.
- The maximum dependent Voluntary Life Insurance benefit for children less than 15 days old is $100 and $1,000 for all children less than six (6) months old. For children over six (6) months old, the coverage amount shown below in Purchase Increments are available.
[Client Name] also offers Accidental Death & Dismemberment (AD&D) insurance through [Company Name], which pays a benefit if a covered member passes from a qualified accident or survives an accident but has certain serious injuries and is equal to the Voluntary Life Insurance amount.
Employees must be enrolled in order to elect coverage for a spouse and/or dependents.
AD&D benefit amount is the same as Voluntary Term Life benefit.
AD&D coverage is guarantee issue at all benefit levels.
AD&D coverage can be purchased according to the same increments and spouse and dependent parameters as set above in the Voluntary Life Coverage summary.
For a list of covered losses due to accidental death or dismemberment, please refer to your Voluntary Life and AD&D policy.
Benefits are paid according to the attached schedule.