Page 13 - Ideal Option 2020 New Hire Guide
P. 13
2020
Ideal Option Enrollment Guide
LIFE AND DISABILITY What is Evidence
INSURANCE of Insurability
Basic Life and Accidental Death and (EOI)?
If EOI is required this means you
Dismemberment (AD&D) must provide certain information
The company automatically provides you a beneit 1× your earnings about your health in order for
the insurance company to review
to a maximum of $50,000 with a minimum beneit of $25,000, at no your information and approve
cost to you, for life insurance and accidental death and dismemberment you for coverage.
insurance. Please note that this amount reduces by 65% at age 65, and to As a newly eligible employee, you
50% at age 70, from the original amount. can elect up to the guaranteed
issue amount without submitting
Employee Voluntary Life and AD&D Insurance EOI. You will be required to
complete EOI if you elect above
You are eligible to purchase additional life and AD&D insurance in the guaranteed issue amount.
increments of $10,000 up to a maximum beneit of the lesser of
ive times your basic annual earnings, or $500,000. You may elect up
to $150,000 of coverage during your initial eligibility period without
answering any medical questions.
Spouse and Dependent Voluntary Life and AD&D
Insurance
If you elect voluntary life and AD&D coverage for yourself, you can also
elect voluntary life coverage for your spouse in coverage increments of
$5,000 up to a maximum of $100,000. When initially eligible, you may
elect up to $50,000 in coverage for your spouse without answering any
medical questions. Voluntary life spousal rates are based on the spouses
age. Dependent child life coverage is available in coverage levels of $500
(birth to 14 days), $1,000 (15 days to 6 months, and units of $1,000 to
$10,000 (6 months to 26 years). All dependent life coverage is guaranteed
if elected during your initial eligibility period. You will automatically
receive an equal amount of AD&D coverage to match your voluntary
life election.
13
Ideal Option Enrollment Guide
LIFE AND DISABILITY What is Evidence
INSURANCE of Insurability
Basic Life and Accidental Death and (EOI)?
If EOI is required this means you
Dismemberment (AD&D) must provide certain information
The company automatically provides you a beneit 1× your earnings about your health in order for
the insurance company to review
to a maximum of $50,000 with a minimum beneit of $25,000, at no your information and approve
cost to you, for life insurance and accidental death and dismemberment you for coverage.
insurance. Please note that this amount reduces by 65% at age 65, and to As a newly eligible employee, you
50% at age 70, from the original amount. can elect up to the guaranteed
issue amount without submitting
Employee Voluntary Life and AD&D Insurance EOI. You will be required to
complete EOI if you elect above
You are eligible to purchase additional life and AD&D insurance in the guaranteed issue amount.
increments of $10,000 up to a maximum beneit of the lesser of
ive times your basic annual earnings, or $500,000. You may elect up
to $150,000 of coverage during your initial eligibility period without
answering any medical questions.
Spouse and Dependent Voluntary Life and AD&D
Insurance
If you elect voluntary life and AD&D coverage for yourself, you can also
elect voluntary life coverage for your spouse in coverage increments of
$5,000 up to a maximum of $100,000. When initially eligible, you may
elect up to $50,000 in coverage for your spouse without answering any
medical questions. Voluntary life spousal rates are based on the spouses
age. Dependent child life coverage is available in coverage levels of $500
(birth to 14 days), $1,000 (15 days to 6 months, and units of $1,000 to
$10,000 (6 months to 26 years). All dependent life coverage is guaranteed
if elected during your initial eligibility period. You will automatically
receive an equal amount of AD&D coverage to match your voluntary
life election.
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