Life And AD&D Coverage
VPP provides Life and Accidental Death and Dismemberment (AD&D) coverage through Principal . This policy offers financial protection for beneficiaries in the event of the policyholder's death or specific injuries from covered accidents, serving as a safety net for dependents by covering debts, funeral costs, and lost income.
KEY DETAILS ABOUT LIFE AND AD&D COVERAGE 01. Coverage is offered through: Principal 02. At open enrollment, employees may make certain increases annually without EOI up to the amounts below with no statement of health required. 03. Employees should make sure their beneficiary information is up-to-date at all times . Update your beneficiaries now and keep them current each year. 04. You have the ability to take your coverage with you if you leave VPP.
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ELIGIBILITY New hires can enroll up to the guaranteed issue amounts listed in the chart below. Any amount beyond the guaranteed issue amount requires Evidence of Insurability (EOI). VOLUNTARY TERM LIFE INSURANCE FOR PURCHASE
Annual Open Enrollment Increase
Guaranteed Issue (New Hires Only)
Minimum
Maximum
You
$10,000
$200,000
$20,000
$500,000
Spouse
$5,000
$40,000
$10,000
$100,000
Child(ren)
$5,000
All amounts
$5,000
$20,000
VOLUNTARY TERM LIFE MONTHLY RATES PER $1,000
Age
Employee
Spouse
29 & Under
$0.08 $0.09 $0.14
$0.08 $0.09 $0.14
30-34 35-39
40-44
$0.21
$0.21
45-49
$0.33
$0.33
50-54
$0.54
$0.54
55-59
$0.87
$0.87
60-64
$1.32
$1.32
65-69
$2.25
$2.25
70 & Over
$4.05
$4.05
Age band changes are applied on the date of VPP’s policy anniversary (7/1) The spouse is charged based upon his/her individual age on the policy anniversary Your spouse cannot elect life insurance if you, the employee, choose not to Benefits begin to reduce at age 65
ADDITIONAL LIFE BENEFITS Accelerated benefits if you become terminally ill (Tax consequences may result. Eligibility for public assistance may be affected. Consult your tax advisor) Waiver of premium if you become disabled
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