VOLUNTARY LIFE INSURANCE
Kisinger Campo & Associates offers employees the option to purchase additional life insurance. This coverage is offered on a voluntary basis through Sun Life. If you purchase voluntary life insurance for yourself, you can purchase voluntary life insurance for your spouse and/or child(ren).
EMPLOYEE
HOW MUCH LIFE INSURANCE CAN I PURCHASE?
You may purchase a benefit in increments of $10,000; a minimum of $10,000 up to a maximum of $500,000, or 5x your annual salary (whichever is less).
WHAT’S GUARANTEE ISSUE?
Guarantee Issue (GI) is the amount you can purchase as a newly eligible employee without having to provide evidence of good heath (aka Evidence of Insurability (EOI)). The GI is $150,000 or 5x your annual salary, whichever is less.
SPOUSE
HOW MUCH LIFE INSURANCE CAN I PURCHASE FOR MY SPOUSE?
You may purchase a benefit in increments of $5,000; a minimum of $5,000 up to a maximum of $100,000, not to exceed 100% of your voluntary life benefit.
WHAT’S GUARANTEE ISSUE?
Guarantee Issue (GI) is the amount you can purchase as a newly eligible employee without having to provide evidence of good heath (aka Evidence of Insurability (EOI)). The GI is $30,000, not to exceed 100% of your voluntary life benefit.
WHEN WOULD I NEED TO SHOW EVIDENCE OF GOOD HEALTH TO GET LIFE INSURANCE?
If you elect a benefit over GI, a benefit outside of your newly eligible period, or an increase to your current benefit for you and/or your spouse you will be required to provide Evidence of Insurability (EOI). Completed EOIs should be submitted to Sun Life directly. A copy of the EOI form can be found within the library of the Enrollment Portal.
CHILD(REN)
HOW MUCH LIFE INSURANCE CAN I PURCHASE FOR MY CHILD(REN)?
You may purchase a benefit of $10,000. Sun Life does not require EOI or child(ren), the cost for the $10,000 benefit is the same for one or multiple children.
WHAT HAPPENS WHEN YOU AND/OR YOUR SPOUSE TURN 70?
When you reach age 70 a 50% reductionof benefits will apply as of the first of the new policy year. When your spouse reaches age 70 their voluntary life benefit will end.
WHAT HAPPENS IF YOU LEAVE KCA?
Your voluntary life coverage offers the option of portability or conversion. Portability is a continuation of voluntary group term life insurance for those under the age of 70, cost of coverage is based on current group rates (subject to change as of renewal). Under conversion, an individual flexible premium universal life policy may be purchased. The cost for coverage would be based on individual life amounts and will differs from the group rates (typically higher in cost). You have 30 days from the date of terminated coverageto apply. This process is handled directly with Sun Life.
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