Supplemental Life Insurance is an optional benefit offered to all eligible employees as a financial resource to protect their families. You can purchase additional life insurance coverage that suits your needs at an affordable group rate through convenient payroll deductions. Supplemental Life Insurance is available to you, your spouse and any dependent children.
Important: If you do not elect Employee or Spousal Supplemental Life Insurance when you are first eligible, any amount elected later will be subject to Evidence of Insurability.
For newly hired employees, you may purchase life insurance on yourself in increments of $10,000 up to the lesser of 3 times your eligible earnings (base and bonus earnings) or $750,000. Any amounts elected over the guarantee issue of $350,000 will require you to fill out a medical questionnaire (evidence of insurability) and will not be effective until you receive written notification from the insurance carrier.
If you are currently enrolled in the Supplemental Life Insurance, you may purchase additional coverage in increments of $10,000 up to a maximum of the lesser of 3 times eligible earnings or $750,000 during open enrollment. However, any amounts you elect over an additional $10,000 will be subject to evidence of insurability and will not be effective until you receive written notification from the insurance carrier.
If you did not purchase coverage when initially eligible, you may do so during open enrollment. However, any amounts in excess of $10,000 will be subject to evidence of insurability and will not be effective until you receive written notification from the insurance carrier.
You may purchase life insurance for your spouse / dependent children that provides $10,000 of life insurance protection on your spouse, and $5,000 insurance for each of your dependent children age 6 months to 19 years and $1,000 for children 14 days to 6 months. Evidence of Insurability is not required for Dependent Life Insurance.