Employee
Spouse
Child
Term Life Insurance
Lesser of 5x annual earnings up to $500,000 maximum
$100,000 (cannot exceed 100% of your coverage)
Benefit Available
$10,000
$25,000
$5,000
$2,000, $3,000, $4,000, $5,000 or $10,000
Available in increments of:
$100,000
$25,000
$10,000 ($1,000 age 14 days/6 mos)
Guaranteed Issue
AD&D
Benefit Available
Same as Life
Same as Life
Same as Life
Guaranteed Issue
Full Benefit
Full Benefit
Full Benefit
Age Reduction Schedule
At age 65, benefit reduces to 65% of original amount At age 70, benefit reduces to 40% of original amount At age 75; benefit reduces to 20% of original amount
Reduction schedule applies to Life, AD&D and Supplemental benefits
Increasing your Election
When can I increase my Election?
At Open Enrollment
At Open Enrollment
At Open Enrollment
Medical underwriting applies if you previously declined this coverage and if the new election is over the guaranteed issue amount.
Is there medical underwriting?
Because the premium is based on your age, when you go from one age bracket to the next, monthly deductions will increase to reflect the new age bracket. Age brackets are in 5-year increments (30 – 34, 35 – 39, etc.). If applicable, your new deductions will be deducted from your paycheck with the first payroll after January 1 st .
Reliance Standard “Lock - In” feature
If you previously enrolled for coverage, you can increase your employee or spouse supplemental life coverage amounts with no medical questions or health exams, up to the guaranteed issue amounts listed below, during open enrollment.
You can increase this amount by up to $50,000 (Employee) or $10,000 (Spouse) during this limited open enrollment period.
This allows you to increase your benefit with no health questions by those amounts. If you would like to purchase coverage or increase your benefit more than this, you can apply by providing proof of your good health (called evidence of insurability), and you need to be approved by Reliance Standard.
Please refer to the Reliance Matrix benefit summary for the cost.
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TAYLOR METAL PRODUCTS // OPEN ENROLLMENT GUIDE // EFFECTIVE JANUARY 1, 2024
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