VOLUNTARY LIFE INSURANCE
National Aviation Academy offers employees the option to purchase additional life insurance on a voluntary basis. This coverage is through Mutual of Omaha.
HOW MUCH LIFE INSURANCE CAN I PURCHASE?
You may purchase a benefit for as little as $10,000 and as much as $100,000, not to exceed 5x your annual salary.
AT YOUR ANNUAL OPEN ENROLLMENT….
If you currently have voluntary life insurance for yourself, you may elect a $10,000 increase in benefit (not to exceed the guaranteed issues amount) at open enrollment WITHOUT having to provide Evidence of Insurability (EOI).
WHAT IS GUARANTEED ISSUE AMOUNT (GI)?
The Guaranteed Issue (GI) amount is the amount is $50,000, not to exceed 5x your annual salary. When you are newly eligible for coverage you may elect up to this amount without having to provide Evidence of Insurability (EOI).
WHEN WOULD I NEED TO SHOW EVIDENCE OF INSURABILITY 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 over $10,000 to your current benefit you will be required to provide Evidence of Insurability (EOI). You may complete EOI via EOI form or online at www.MutualofOmaha.com/EOI.
WHAT HAPPENS WHEN YOU TURN 65?
When you reach 65 a reduction of benefits will apply as of the first of the new policy year. When you turn 65 you original benefit reduces to 65%, when you turn 70 it reduces to 50%.
IF YOU PURCHASE LIFE INSURANCE FOR YOURSELF, YOU MAY ALSO PURCHASE LIFE INSURANCE FOR YOUR SPOUSE AND/OR YOUR CHILD(REN).
HOW MUCH LIFE INSURANCE CAN I PURCHASE FOR MY SPOUSE?
You may purchase a benefit for as little as $5,000 and as much as $50,000, not to exceed 100% of you voluntary life benefit.
WHAT IS GUARANTEED ISSUE AMOUNT (GI)?
The Guaranteed Issue (GI) amount is the amount is $10,000, not to exceed 100% of your voluntary life benefit. When you are newly eligible for coverage you may elect up to this amount without having to provide Evidence of Insurability (EOI). A spouse is not eligible for life insurance at or after age 70, the benefit would terminate as of this age.
HOW MUCH LIFE INSURANCE CAN I PURCHASE FOR MY CHILD(REN)?
You may purchase a benefit $10,000, not to exceed 100% of your voluntary life benefit.
WHAT IS GUARANTEED ISSUE AMOUNT (GI)?
The Guaranteed Issue (GI) amount is the amount is $10,000, not to exceed 100% of your voluntary life benefit. EOI is not required for child(ren) life. If you purchase child life insurance you must cover all eligible children. The cost to for the child life benefit is the same whether you have 1 or multiple children covered.
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