Voluntary Life Insurance
Who is Eligible and When:
All regular, full time employees working at least 35 hours per week are eligible to participate following 30 days of continuous employment. Participating employees may also purchase coverage for a legal spouse, domestic partner and eligible dependent children up to 26 years of age.
Feature
Description
Optional Voluntary Group Term Life
Optional Voluntary Employee life benefit
Increments of $20,000
Maximum benefit
$300,000
Guaranteed issue limit
Guaranteed coverage under age 70: the lesser of -1x salary or $60,000 – Coverage over age 70 : the lesser of -1x salary of $10,000 Benefit reduces by 35% at age 70, with an additional 20% at age 75. All coverage terminates at retirement.
Age reductions
Optional Voluntary Dependent Life benefits
Optional Voluntary Dependent life benefit
Spouse: Employees may choose a Spouse Benefit in increments of $10,000 up to $100,000 Children: Employees may elect a Child benefit of $10,000 Coverage begins at 15 days from birth. Children are eligible until they reach age 26.
Guaranteed issue limit
Spouse: $10,000 Child(ren): $10,000
Age reductions
Reduces in accordance with employee's age and reduction schedule; Terminates at employee's retirement. Dependent benefits may not exceed 100% of the employee Optional Voluntary Life benefit amount
Benefit limitation
Spouse Rate Basis
Spouse rates are based on spouses age
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