Page 16 - CHI 2022 Benefits Guide
P. 16
Life Insurance/AD&D Benefits
Basic Life/AD&D Insurance Evidence of Insurability Requirements
Eligible employees are covered for $25,000 of Lincoln Financial Group will require evidence of
basic group term life and accidental death and insurability (EOI) if:
dismemberment (AD&D) insurance coverage. z You are enrolling after previously having waived
this coverage
You must name a beneiciary—the person or persons
who receive your life insurance beneit upon your z This is your irst opportunity to enroll and you
death. If you do not name a beneiciary, beneits will elect coverage higher than the guarantee issue
be paid to your estate. amounts
z You currently have this coverage and you are
Voluntary Life Insurance increasing your coverage by more than two
You may purchase additional life insurance coverage increments
in $10,000 increments, up to a maximum of ive
times your annual base earnings, or $500,000, If you are currently enrolled in this coverage, Lincoln will
allow you to increase coverage by two increments up to
whichever is less. the guarantee issue amount. The guarantee issue amount
for employees is $180,000. For spouses it’s $50,000 and for
Voluntary dependent life coverage may be children it’s $12,500.
purchased in the following amounts. You must
purchase voluntary life coverage for yourself to be Employee and Spouse Voluntary Life
eligible for voluntary dependent life coverage. Rates 1
z Spouse—increments of $5,000 to a maximum of Age Monthly Rate per $10,000 of Coverage
$50,000 Under 35 $0.99
35–39 $1.10
z Child(ren)—increments of $2,500 to a maximum 40–44 $1.65
of $12,500 (reduced beneits apply for children 45–49 $2.53
under age 6 months) 50–54 $4.18
55–59 $7.03
A person may not have coverage as both an 60–64 $12.64
employee and dependent. Only one insured spouse 65+ $18.03
may cover dependent children. 1 Spouse rate based on employee’s age
If you are age 70 or older, the maximum voluntary Child Voluntary Life Rates
life insurance coverage you may elect is $50,000. Option Monthly Rate
Further beneit reduction schedules apply beginning 1: $2,500 $0.23
at age 75. 2: $5,000 $0.45
3: $7,500 $0.68
4: $10,000 $0.90
5: $12,500 $1.13
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Basic Life/AD&D Insurance Evidence of Insurability Requirements
Eligible employees are covered for $25,000 of Lincoln Financial Group will require evidence of
basic group term life and accidental death and insurability (EOI) if:
dismemberment (AD&D) insurance coverage. z You are enrolling after previously having waived
this coverage
You must name a beneiciary—the person or persons
who receive your life insurance beneit upon your z This is your irst opportunity to enroll and you
death. If you do not name a beneiciary, beneits will elect coverage higher than the guarantee issue
be paid to your estate. amounts
z You currently have this coverage and you are
Voluntary Life Insurance increasing your coverage by more than two
You may purchase additional life insurance coverage increments
in $10,000 increments, up to a maximum of ive
times your annual base earnings, or $500,000, If you are currently enrolled in this coverage, Lincoln will
allow you to increase coverage by two increments up to
whichever is less. the guarantee issue amount. The guarantee issue amount
for employees is $180,000. For spouses it’s $50,000 and for
Voluntary dependent life coverage may be children it’s $12,500.
purchased in the following amounts. You must
purchase voluntary life coverage for yourself to be Employee and Spouse Voluntary Life
eligible for voluntary dependent life coverage. Rates 1
z Spouse—increments of $5,000 to a maximum of Age Monthly Rate per $10,000 of Coverage
$50,000 Under 35 $0.99
35–39 $1.10
z Child(ren)—increments of $2,500 to a maximum 40–44 $1.65
of $12,500 (reduced beneits apply for children 45–49 $2.53
under age 6 months) 50–54 $4.18
55–59 $7.03
A person may not have coverage as both an 60–64 $12.64
employee and dependent. Only one insured spouse 65+ $18.03
may cover dependent children. 1 Spouse rate based on employee’s age
If you are age 70 or older, the maximum voluntary Child Voluntary Life Rates
life insurance coverage you may elect is $50,000. Option Monthly Rate
Further beneit reduction schedules apply beginning 1: $2,500 $0.23
at age 75. 2: $5,000 $0.45
3: $7,500 $0.68
4: $10,000 $0.90
5: $12,500 $1.13
16
