Employee Life Insurance
Do I Have Basic Life Insurance?
The company automatically provides you with basic life insurance in the amount of two times annual pay, up to a maximum benefit of $1,000,000. Part-time regular and limited term employees receive a benefit equal to one times your annual pay.
- When you reach age 65, your basic life benefit is reduced
- Ages 65 and 69: benefits are reduced to 65% of the original amount
- Age 70: benefits are reduced to 50% of the original amount
Can I get Supplemental Life Insurance?
If you decide you need more than basic life insurance, you can purchase supplemental coverage. Any benefits payable are in addition to the basic life insurance provided by the company. You can elect supplemental coverage equal to one, two, three, four, five or six times your annual pay up to a maximum of $2,000,000.
Will I need Evidence of Insurability (EOI) for Supplemental Life Insurance?
In some cases EOI may be required.
- If you’re a new employee electing supplemental life insurance coverage for the first time and the coverage amount exceeds the lesser of four times pay or $1,000,000
- If the amount of your combined basic and supplemental life insurance totals more than $2 million
- If your spouse’s life insurance is in excess of $50,000
- If you purchase supplemental or spouse life insurance amounts which exceeds your current coverage levels
- If you were eligible to elect supplemental life or spouse life insurance in the past and declined coverage
*Note: If EOI is required, coverage over the limits will not be effective until it is approved by the insurance company.