Voluntary Life & ADD Benefits You Receive
Thomas College offers you employer - sponsored Group Life and ADD insurance from Unum. If you purchase coverage when you are first eligible as a new hire, you can buy coverage up to 5X Annual Salary or $500,000 in $10,000 increments not to exceed $150,000 without having to answer any questions about your health. This is referred to as the Guarantee Issue Amount. The AD&D insurance amount is the same as the Life amount. As long as you have purchased some voluntary life & ADD at your initial eligibility, you can increase that amount at each open enrollment up to the Guaranteed Issue Amount without any medical questions If you want an amount above the Guaranteed Issue Amount, you must provide Evidence of Insurability. You must choose a beneficiary or beneficiaries - the person(s) or entity you name who will receive the proceeds from your Life or AD&D insurance in the event of your death or injury. Coverage can also be purchased for family members. You can take this coverage with you when you leave the college. See plan certificate for details. Benefits are summarized below. Employee Plan Features Voluntary Life Amount Employee Life Benefit Ele ction Amount $10,000 Increments Overall Maximum Benefit 5x Earnings, or $ 5 00,000 Guarantee Issue A mount $150,000 Benefits are reduced at certain ages. The coverage is available to you if you are still employed at Thomas College. Age Benefits Available 65 35% 70 50% Spouse Voluntary Life Amount Benefi t Election Amou nt $5,000 Increments Overall Maximum Benefit Not to Exceed 100% of employee amount Guarantee Issue Amount $50,000 Children Voluntary Life Amount Benefit Election Amount 14 d ays to 6 months- $1,000
6 months to age 19 (26 if full - time student) - $2,000 increments to $10,000 maximum
Refer to your Voluntary Life & ADD Certificate for more details
This Guide is for illustrative purposes only and is not a legal contract, contract of employment or guarantee of coverage. Any benefits payable will be subject to the terms and conditions of the insurance policy issued by the insurance company and relevant plan document.
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