Page 26 - Franklin Madison 2021 Benefits Guide
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Life Insurance Options
You are provided Basic Life Insurance by Franklin Madison—and you may purchase
Voluntary Life Insurance to supplement your Company-provided coverage through The
Hartford. You pay the full cost of Voluntary Life coverage through after-tax payroll
deductions.
Basic Life Insurance Evidence of Insurability
Franklin Madison provides you with the following You (or your spouse) may be required to provide
coverages, at no charge: Evidence of Insurability (EOI) under certain
y Life insurance coverage equal to 1.5 times your circumstances. Evidence of Insurability is the
process used to determine whether you are
annual Beneit Salary, up to a maximum of insurable. In addition to completing an Evidence of
$600,000. Insurability form, you may also be asked to provide
y Business Travel Accident Insurance which covers a statement of your health history or other evidence
loss due to death or severe injury caused by an of good health, or have a medical examination (at
accident while traveling on Company-approved your own expense). You may increase your current
business. coverage by 1 times your annual earnings, not to
exceed the lesser of 4 times your annual earnings
Voluntary Life Insurance or $300,000.
You may purchase Voluntary Life Insurance
coverage in an amount equal to 1, 2, 3, 4, or 5 The chart below describes the EOI requirements.
times your annual Beneit Salary, up to a maximum
of $750,000. The Plan also pays a living beneit if If you:
you are diagnosed as terminally ill (that is, your Currently have voluntary life coverage with the company
life expectancy is six months or less). Evidence of EOI is required when you:
Want to increase your coverage by more than one
y
Insurability may be required. level—example: you increase from 2x to 4x your annual
earnings.
If you elect Voluntary Life Insurance for yourself, y Want to increase your coverage by any level that equals
greater than $300,000 in coverage for yourself.
you may also purchase: y Want to increase your spouse’s amount of coverage
y Units of $5,000 up to the lesser of $250,000 or by more than $5,000 or if you wish to increase your
spouse’s coverage to an amount greater than $30,000.
50% of the employee’s voluntary coverage for Did not elect voluntary life when it was irst ofered to you
your spouse, *and/or EOI is required for any amount of coverage elected.
y $10,000 in coverage for each dependent child Are a new hire and wish to elect voluntary coverage for
yourself and your spouse
between the ages of 15 days and 19 years. If EOI is required when you:
dependents are enrolled in school, they can be y Want to purchase 1x, 2x, 3x, 4x, or 5x your annual
covered until the age 25. earnings in coverage for yourself and the amount
* Note: Domestic partners are not eligible for Voluntary Life exceeds $300,000.
Insurance. y Want to purchase voluntary life coverage on your spouse
and the amount of your spouse’s coverage exceeds
$30,000.
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You are provided Basic Life Insurance by Franklin Madison—and you may purchase
Voluntary Life Insurance to supplement your Company-provided coverage through The
Hartford. You pay the full cost of Voluntary Life coverage through after-tax payroll
deductions.
Basic Life Insurance Evidence of Insurability
Franklin Madison provides you with the following You (or your spouse) may be required to provide
coverages, at no charge: Evidence of Insurability (EOI) under certain
y Life insurance coverage equal to 1.5 times your circumstances. Evidence of Insurability is the
process used to determine whether you are
annual Beneit Salary, up to a maximum of insurable. In addition to completing an Evidence of
$600,000. Insurability form, you may also be asked to provide
y Business Travel Accident Insurance which covers a statement of your health history or other evidence
loss due to death or severe injury caused by an of good health, or have a medical examination (at
accident while traveling on Company-approved your own expense). You may increase your current
business. coverage by 1 times your annual earnings, not to
exceed the lesser of 4 times your annual earnings
Voluntary Life Insurance or $300,000.
You may purchase Voluntary Life Insurance
coverage in an amount equal to 1, 2, 3, 4, or 5 The chart below describes the EOI requirements.
times your annual Beneit Salary, up to a maximum
of $750,000. The Plan also pays a living beneit if If you:
you are diagnosed as terminally ill (that is, your Currently have voluntary life coverage with the company
life expectancy is six months or less). Evidence of EOI is required when you:
Want to increase your coverage by more than one
y
Insurability may be required. level—example: you increase from 2x to 4x your annual
earnings.
If you elect Voluntary Life Insurance for yourself, y Want to increase your coverage by any level that equals
greater than $300,000 in coverage for yourself.
you may also purchase: y Want to increase your spouse’s amount of coverage
y Units of $5,000 up to the lesser of $250,000 or by more than $5,000 or if you wish to increase your
spouse’s coverage to an amount greater than $30,000.
50% of the employee’s voluntary coverage for Did not elect voluntary life when it was irst ofered to you
your spouse, *and/or EOI is required for any amount of coverage elected.
y $10,000 in coverage for each dependent child Are a new hire and wish to elect voluntary coverage for
yourself and your spouse
between the ages of 15 days and 19 years. If EOI is required when you:
dependents are enrolled in school, they can be y Want to purchase 1x, 2x, 3x, 4x, or 5x your annual
covered until the age 25. earnings in coverage for yourself and the amount
* Note: Domestic partners are not eligible for Voluntary Life exceeds $300,000.
Insurance. y Want to purchase voluntary life coverage on your spouse
and the amount of your spouse’s coverage exceeds
$30,000.
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