Voluntary Life Insurance
New employees have the opportunity to elect voluntary life insurance and accidental death and dismemberment with the added benefit of providing coverage for spouses and children. Coverage from $20,000 to $100,000 is available to new employees with no medical questions. Spouses can be insured up to $20,000 and children up to $10,000. Each year, employees are given the option of increasing their life insurance amount by $10,000 or 10%, whichever is greater, with no medical questions. Employees are allowed a maximum of $500,000 or five (5) times their annual salary.
If an employee does not elect voluntary life when they are a new employee, they are still eligible for the coverage but will be required to complete an evidence of insurability (EOI) that includes medical questions. The insurance company can deny coverage based on the EOI.
Premium will vary depending upon your benefit choice and age.
Spouse Life Insurance
New employees have the opportunity to elect voluntary life and accident death and dismemberment for their spouse up to $20,000. The employee must elect at least $20,000 of voluntary life insurance on themselves in order to be eligible for this amount. If Spouse Life is not elected during new employee enrollment, an evidence of insurability (EOI) may be required.
Child Life Insurance
New employees have the opportunity to elect voluntary life and accidental death and dismemberment for their child(ren). The Child Life has one premium regardless of how many children you have on the plan and the life benefit can go up to $10,000.