Basic Life/AD&D
Acme provides, at no cost to you, Basic Life and Accidental Death and Dismemberment (AD&D) coverage in the amount of $15,000. The life benefit will be paid to your beneficiary or beneficiaries if you pass away, and the AD&D benefit will be paid if you die or suffer a debilitating injury in an accident. Please note that benefit reductions apply to employees aged 65 and older.
Voluntary Life
If something happened to you, would your family be able to maintain their way of life? Funeral expenses and medical bills could be just the beginning. How would they cover ongoing living expenses, such as a mortgage, utilities and health care? Group term life insurance can help provide financial security for your family. You can also apply for coverage for your spouse and eligible dependent children with no health questions
Supplemental Life
Acme knows that not everybody’s financial needs are the same which is why you may also enroll in Voluntary Life insurance at competitive group rates. You may enroll yourself in coverage in $10,000 increments up to $300,000 or five times your annual earnings, whichever is less.
Please note that you may have to submit Evidence of Insurability (EoI) if:
You elect coverage greater than $100,000 You increase a current Voluntary Life coverage election You enroll after previously waiving the opportunity
If you elect coverage for yourself, you may also elect coverage for your spouse. Spouses can be enrolled in $5,000 increments up to 50% of the amount you elected for yourself or $150,000, whichever is less. Please note that your spouse may have to submit Evidence of Insurability (EoI) if:
You elect coverage for your spouse greater than $25,000 You increase your spouse’s current Voluntary Life coverage You enroll your spouse after previously waiving the opportunity
If you elect coverage for yourself, you may also elect coverage for your child. Children can be enrolled in $2,000 increments up to $10,000. Child coverage begins on the 15th day following birth and terminates at the end of the month in which he or she turn 26. EoI may be required for your child if:
You increase your child’s current Voluntary Life coverage You enroll your child after previously waiving the opportunity