VOLUNTARY LIFE INSURANCE
McKibbon Hospitality offers employees the option to purchase voluntary life insurance. This coverage is through United Healthcare.
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 (Evidence of Insurability (EOI)). The GI is $100,000 or 5x your annual salary, whichever is less.
WHEN WOULD I NEED TO SHOW EVIDENCE OF GOOD HEALTH TO GET LIFE INSURANCE?
If you elect a benefit over GI as a new hire, a benefit outside of your newly eligible period, or an increase to your current benefit you will be required to provide Evidence of Insurability (EOI). Completed EOIs should be submitted to United Healthcare directly. The fax number is listed on the form. A copy of the EOI form can be found within the library of the Benefits Portal.
HOW MUCH LIFE INSURANCE CAN I PURCHASE?
You may purchase a benefit in increments of $10,000 for as little as $10,000 and as much as $500,000, or 5x your annual salary (whichever is less).
Cost for coverage (per $1,000)
Age
WHAT’S THE COST?
0-24
$0.055
25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74
$0.060 $0.080 $0.090 $0.118 $0.180 $0.314 $0.541 $0.753 $1.317 $2.713 $4.155
See the below chart to locate your age bracket. The rates shown are per $1,000 of life benefit. Simply find the bi-weekly cost for coverage using the calculation below.
$
/ 1,000 =
X
Step 1
Desired benefit
75 +
/ 26
= $
X
x $
x 12 = $
Step 2
Your age rate
Annual cost for coverage
Cost per paycheck
WHAT HAPPENS WHEN YOU TURN 65?
Age Reduction Schedule
When you reach 65 a reduction of benefits will apply as of the first of the new policy year. See table for reduction of original benefit based on age.
At age…
Your original benefit will reduced by …
65 70 75
35%
60% 75%
WHAT HAPPENS IF I LEAVE MCKIBBON HOSPITALITY?
If you were to leave McKibbon Hospitality your voluntary life coverage offers the option of portability or conversion. Portability is a continuation of voluntary group term life insurance, cost of coverage is based on current group rates (subject to change as of renewal). Portability is available to all employees enrolled in voluntary life under the age of 70. 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 coverage to apply.
9
This process is handled by UHC, please reach out to them directly at 877-683-8601.
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